Consumer Price Index (CPI) for October 2024: Key Highlights
In June 2024, the All India Consumer Price Index (CPI) showed a year-on-year inflation rate of 5.08%. This rate varied across rural and urban areas, with rural inflation at 5.66% and urban inflation at 4.39%. Compared to May 2024, inflation for essential sub-groups like ‘Eggs’, ‘Spices’, ‘Meat & fish’, and ‘Pulses & products’ decreased. The CPI for General Indices and Consumer Food Price Index (CFPI) also showed increases, with rural CFPI notably rising by 9.15%. These figures reflect varied price dynamics impacting different segments of the population across India.
Inflation rates for specific food sub-groups like ‘Eggs’, ‘Spices’, ‘Meat & fish’, and ‘Pulses & products’ have decreased compared to May 2024.
Price data were collected from 99.7% of villages and 98.6% of urban markets, with market-wise price reporting at 88.9% for rural and 93.0% for urban areas.
The next CPI release for July 2024 is scheduled for August 12, 2024.
CPI measures the average change over time in prices paid by urban consumers for a basket of consumer goods and services.
It is calculated by taking price changes for each item in the predetermined basket of goods and averaging them.
CPI is used as a primary indicator of inflation, reflecting price changes that affect consumers.
The basket typically includes food, housing, apparel, transportation, medical care, recreation, education, and other goods and services.
CPI is often indexed to a base year, and changes are expressed as percentages relative to this base year.
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