New Delhi, September 12, 2023 – The National Statistical Office (NSO), under the Ministry of Statistics and Programme Implementation (MoSPI), has recently published the Consumer Price Index (CPI) for the month of August 2023. This report provides valuable insights into the inflation rates for various categories, offering a comprehensive overview of the economic landscape in India.
August 2023 Consumer Price Index (CPI) Report
A Glimpse into Data Collection
To compile the CPI, the NSO gathered price data from 1114 urban markets and 1181 villages across all States and Union Territories in India. Field staff from the Field Operations Division of NSO conducted personal visits on a weekly basis to collect this information. In August 2023, data was collected from an impressive 99.6% of villages and 98.3% of urban markets.
Inflation Rates Across India
The CPI report for August 2023 reveals the following inflation rates for different regions:
All India Inflation Rates (%)
- Rural: 7.02%
- Urban: 6.59%
- Combined: 6.83%
These figures represent the year-on-year inflation rates, comparing August 2023 with August 2022. It’s essential to note that these inflation rates are based on both the CPI (General) and the Consumer Food Price Index (CFPI).
Understanding the Indices
The report provides index values to understand the price movements accurately. Here are the index values for August 2023:
- CPI (General): 187.6
- CFPI: 189.4
Monthly Changes in the CPI
The CPI report also analyzes the monthly changes in the General Indices and CFPIs. Here are the details for August 2023 compared to July 2023:
Monthly Change (%)
- CPI (General): 0.00% (Rural), -0.11% (Urban), -0.05% (Combined)
- CFPI: -0.37% (Rural), -1.25% (Urban), -0.67% (Combined)
These numbers help policymakers and economists understand short-term trends in the cost of living, which can have significant implications for the economy.
What’s Next?
If you’re interested in staying updated on inflation trends, mark your calendar for the next release. The NSO will release the CPI for September 2023 on October 12, 2023 (Thursday).
For more detailed information and specific state-wise data, you can visit the official website of the Ministry of Statistics and Programme Implementation at www.mospi.gov.in.
This report sheds light on the economic realities faced by people across India and serves as a valuable resource for policymakers, businesses, and the general public alike. It highlights the importance of monitoring inflation to make informed decisions in an ever-changing economic landscape.
Key Points
📊 The National Statistical Office (NSO) under the Ministry of Statistics and Programme Implementation (MoSPI) released Consumer Price Index (CPI) data for August 2023.
🏙️ Data collection included 1114 urban markets and 1181 villages, covering all States/UTs, with high data collection percentages (99.6% villages, 98.3% urban markets).
📈 All India inflation rates for August 2023 over August 2022:
- General CPI: Rural – 7.02%, Urban – 6.59%, Combined – 6.83%
- Consumer Food Price Index (CFPI): Rural – 9.67%, Urban – 10.42%, Combined – 9.94%
📊 General CPI indices for August 2023: Rural – 187.6, Urban – 184.5, Combined – 186.2 🍽️ CFPI indices for August 2023: Rural – 189.4, Urban – 198.2, Combined – 192.5
🔄 Monthly changes in CPI (General) and CFPI for August 2023 over July 2023:
- CPI (General): Rural – 0.00%, Urban – (-0.11)%, Combined – (-0.05)%
- CFPI: Rural – (-0.37)%, Urban – (-1.25)%, Combined – (-0.67)%
🗓️ The next release for September 2023 CPI is scheduled for October 12, 2023.
🔗 For more details, visit the website www.mospi.gov.in.
FAQs
Q1: What is the Consumer Price Index (CPI)?
A1: The Consumer Price Index (CPI) is a measure that examines the average change in prices paid by consumers for a basket of goods and services over time. It is a crucial indicator of inflation and is used to assess changes in the cost of living.
Q2: How is the CPI calculated?
A2: The CPI is calculated by comparing the current prices of a fixed basket of goods and services with the prices in a base year. The percentage change in these prices represents the inflation rate.
Q3: What is the significance of the CFPI?
A3: The Consumer Food Price Index (CFPI) is a sub-index of the CPI that specifically measures changes in food prices. It provides insights into food inflation, which is a significant component of overall inflation.
Q4: Why is monitoring inflation important?
A4: Monitoring inflation is crucial because it impacts the purchasing power of individuals and the overall health of the economy. High inflation can erode the value of money, leading to decreased standards of living, while low inflation can indicate economic stagnation.
Q5: How can individuals protect themselves from the effects of inflation?
A5: Individuals can protect themselves from inflation by investing in assets that tend to appreciate in value over time, such as stocks, real estate, or inflation-protected securities. Diversifying one’s investments and maintaining a budget can also help mitigate the impact of rising prices.
