ForumIAS announcing GS Foundation Program for UPSC CSE 2025-26 from 19 April. Click Here for more information.
ForumIAS Answer Writing Focus Group (AWFG) for Mains 2024 commencing from 24th June 2024. The Entrance Test for the program will be held on 28th April 2024 at 9 AM. To know more about the program visit: https://forumias.com/blog/awfg2024
- According to the data released from the Central Statistics Office (CSO), retail inflation for the month of January has declined to 2.05%. This decline has been primarily due to a) sustained decline in food prices and b) a sharp decline in energy prices.
- It 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.
- The Core Inflation has also declined to 5.4%. Core inflation demonstrates inflation apart from temporary shocks and volatility. It is measured using the CPI by excluding food and fuel components as their prices are highly volatile.
- Industrial output growth as measured by the Index of Industrial Production (IIP) has remained low at 2.4%. IIP is a composite indicator that measures changes in the volume of production of a basket of industrial products.
