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IIP growth slows to 1.7%, retail inflation rises to 2.57%
- According to data released by Central Statistics Office (CSO), the retail inflation for the month of February has increased to 2.57% as against 2.05% in January.
- Retail inflation is based on the Consumer Price Index (CPI). It reflects changes in the retail prices of specified goods and services over a time period which are traded by particular consumer group. There are four types of CPI: a) CPI-IW (Industrial Worker), b) CPI-UNME (Urban Non-Manual Employees), c) CPI-AL (Agricultural Labourers) and d) CPI-RL (Rural Labourers).
- RBI has adopted CPI as the key measure for determining inflation situation of Indian economy, on recommendation of Urjit Patel Committee.
- Index of Industrial Production (IIP) decreased to 1.7% in January 2019 compared to 2.4% in December 2018. IIP measures industrial output growth. IIP is a composite indicator that measures changes in the volume of production of a basket of industrial products.
