Retail Inflation of March 2022 Raised

BANKING AND ECONOMY

  • The National Statistical Office (NSO) released the monthly Consumer Price Index (CPI) inflation data.
  • As per the data from NSO, in March 2022, retail inflation in the country was raised to 6.95% a 17-month high. In March 2021, retail inflation was 5.52%.
  • It was raised from 6.07% in February 2022 due to a rise in food prices across the country.
  • The retail inflation was above the upper tolerance of the RBI (i.e. 6%) for the third consecutive month.
  • The retail inflation in Urban India is 6.12% and Retail inflation in Rural India is 7.66%.
  • Retail inflation or CPI-based inflation is the measure of changes in the price level of a basket of consumer goods and services bought by households for daily consumption.

Facts to know:

 

  • Retail inflation is measured by the Consumer Price Index (CPI) - a macroeconomic indicator of inflation.
  • National Statistical Office (NSO), functions under the Ministry of Statistics and Programme Implementation.
  • Formula to calculate CPI;

CPI = (Price of a basket in current period / Price of a basket in base period) x 100

Consumer Price Index (CPI) Inflation Data

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