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Group-wise Consumer Price Index (CPI) & Inflation Rate in India from 2014 to 2024

UID: EC-20240903-IN-03

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Source

Ministry of Statistics and Program Implementation

Last Updated

September 4, 2024

Time Range

FY 2014 – FY 2024

Periodicity

Monthly

Overview

The Consumer Price Index (CPI) is a measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food, and medical care. It is calculated by taking price changes for each item in the predetermined basket and averaging them. Prices are collected periodically, and the CPI is often used to measure inflation, reflecting the cost of living. The CPI is typically set against a base year. The index is set to 100 in the base year, and changes in the CPI indicate price changes compared to that year. A typical household might purchase a wide range of products and services. Items in the basket are weighted according to their importance or share in total household spending.

The Inflation Rate is the percentage increase in the general level of prices for goods and services over a period of time. It indicates how much prices have risen over a specific period, typically a year. Higher inflation decreases the purchasing power of money, meaning consumers can buy less with the same amount of money.It reflects the overall health of an economy. Moderate inflation is expected in a growing economy, but hyperinflation can indicate economic instability. The Inflation Rate is calculated using the following formula: Inflation Rate (%) = ((CPI in Current Year−CPI in Previous Year)/ (CPI in Previous Year))×100

Trends & Insights

At the end of FY 2023-24, the General CPI at the national level stood at 185.8 for the Combined sector. Rural areas recorded a slightly higher figure at 187.8, while Urban areas were lower at 183.6. This gap highlights that the overall price levels were somewhat higher in rural areas compared to urban areas. The Consumer Food Price Index consistently remained notably high across all sectors, with the Urban sector registering the highest value at 193.4. This was closely followed by the Combined sector at 189.8 and the Rural sector at 187.8. The data indicates that food prices were a significant driver of the overall CPI, particularly in urban areas. The higher food prices in urban regions could be attributed to factors such as transportation costs, elevated demand, or differences in food consumption patterns between urban and rural populations. In the Fuel and Light category, considerable variation existed between the Rural and Urban sectors. The rural sector reported a higher CPI of 181.0, compared to 167.4 in urban areas, with the combined figure standing at 175.8. This disparity reflects differences in energy sources, distribution networks, or subsidies between rural and urban areas, challenges that continue to shape regional cost dynamics. For Housing, CPI figures were reported only for the Combined and Urban sectors, both at 178.2.  Overall, this data suggests that food prices were a major factor influencing the CPI across all sectors, with urban areas experiencing slightly higher food price levels. The disparities in categories like Fuel and Light highlight the differing economic challenges faced by rural and urban populations. These trends underscore the complexity of India’s economic landscape and the ongoing need for nuanced policy approaches to address price levels and the cost of living across various regions and sectors.

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Citation

Please cite this article using proper attribution to 360 Analytika when referencing or sharing our content.

Ministry of Statistics and Program Implementation. Group-wise Consumer Price Index (CPI) & inflation rate in India from 2014 to 2024 (360 Analytika, Ed.) [Dataset]. 360 Analytika. https://360analytika.com/group-wise-consumer-price-index-cpi-inflation-rate-in-india/

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