India’s October 2023 Retail Inflation Declines, Bringing Relief to Consumers

India's October 2023 Retail Inflation Declines, Bringing Relief to Consumers
India's October 2023 Retail Inflation Declines, Bringing Relief to Consumers

New Delhi, November 14, 2023In a recent report by the National Statistical Office (NSO) under the Ministry of Statistics and Programme Implementation (MoSPI), India’s retail inflation for October 2023 has shown a positive decline, marking a significant relief for the common man.

The Consumer Price Index (CPI) on Base 2012=100 and the corresponding Consumer Food Price Index (CFPI) for Rural (R), Urban (U), and Combined (C) were released, providing a comprehensive view of the inflation scenario. The data, collected from 1114 urban markets and 1181 villages across all States/UTs, reflects the pulse of the nation’s economic health.

During October 2023, NSO diligently gathered prices from 99.8% of villages and 98.6% of urban markets, reporting market-wise prices of 89.0% for rural areas and 92.0% for urban centers.

Let’s dive into the numbers for a closer look at the inflation rates based on General Indices and CFPIs for October 2023 compared to the same month last year:

Oct. 2023 (Prov.)Sep. 2023 (Final)Oct. 2022
Inflation Rates (%)RuralUrbanCombined
CPI (General)5.124.624.87
CFPI6.586.636.61

The data also reveals the monthly changes in the General Indices and CFPIs for October 2023 over September 2023:

Monthly Changes (%)Oct. 2023 (Prov.)Sep. 2023 (Final)Monthly Change (%)RuralUrbanCombinedRuralUrbanCombinedRuralUrbanCombined
CPI (General)0.650.660.65
CFPI1.021.141.06

It’s important to note that these figures for October 2023 are provisional, and the next release for November 2023 CPI is scheduled for December 12, 2023.

For more detailed insights, you can visit the official website www.mospi.gov.in.

In a nation where every percentage matters to the common citizen, this news of a decrease in retail inflation brings a breath of relief, especially in the context of the ongoing Azadi ka Amrit Mahotsav celebrations. It reflects the resilience of the Indian economy and offers hope for a brighter economic outlook in the coming months.

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