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India's March CPI Inflation Rate Rises To 9.47%

India's March CPI Inflation Rate Rises To 9.47%
4/18/2012 6:39 AM ET

India's annual inflation rate, based on all India general Consumer Price Index, or CPI, as per base year 2010, for March stood at 9.47 percent, up from preceding month's 8.83 percent as per the nation-wide retail inflation data released by the Ministry of Statistics & Program Implementation on Wednesday, indicating an acceleration in prices in March.

The index on base year 2010=100 for all-India and States/Union Territories separately for rural, urban and combined every month from January was introduced by the Ministry of Statistics.

As per data, the corresponding inflation rate for rural was 8.79 percent, while that of urban was 10.30 percent, reinforcing that urban cost of living was higher than rural areas. The overall data combine both urban and rural numbers.

Milk and milk products were costlier by over 15.22 percent on a nationwide basis in March over the same month last year, whereas oil and fats became dearer by 14.20 percent and egg, fish and meat by 10.06 percent in the month. In rural and urban areas, inflation in the food and beverages category stood at 7.72 percent and 9.15 percent respectively.

Clothing, bedding, footwear became 12.50 percent more expensive on an annual basis, while fuel and light went up by 11.80 percent in March.

The all India CPI will be in addition to the three retail price indices -- for agricultural laborers, rural laborers and industrial workers -- prepared by the Ministry of Labor.

The CPI, introduced a year ago, will exist alongside the prevailing WPI, followed in India to gauge inflation. Headline Inflation as measured by the WPI fell marginally to 6.89 percent in March.

The CPI data tracks retail prices in five major food groups -fuel and light, housing, clothing and miscellaneous - across rural and urban India, providing a comprehensive reference point for the Reserve Bank of India (RBI) to take effective monetary policy measures to deal with inflation.

The CPI also reflects price movements in the services sector, which makes up around 55 percent of India's economy but is not included in the WPI.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

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