Consumer Price Index (CPI) of India

India's retail inflation in May 2019 rose to 3.05% YoY.

Published monthly by the Ministry of Statistics and Programme Implementation (MOSPI). Updated until May 2019. (Published on May 13th, 2019) 
Note: The seasonally adjusted series has been obtained using the Census X-13 procedure with the X-11 method of seasonal adjustment.
Note: The core CPI excludes food and fuel group from the headline CPI. The effective core CPI excludes pan tobacco & intoxicants and housing from core CPI.
Note: CPI-Services includes health, education, personal care, recreation, and amusement services. CPI-Goods is CPI excl. CPI services.

Recent Data Trend

India's consumer price index (CPI) inflation for May 2019 marginally rose to 3.05% from 2.05% in April 2019. The 10-month high growth in inflation was witnessed both in the rural and urban areas, which saw an increase in inflation to 1.9% YoY and 4.5% YoY, respectively.

The acceleration in retail inflation to 3.05% YoY higher by 6 bps was brought about by a rise in prices of food and beverages. Increase in prices of vegetables was at an 11-month high at 5.4% YoY in May 2019. Prices of cereals, fish and meat, and pulses also went up leading to higher inflation.

In addition inflation in the fuel group remained at 2.48% YoY, slightly lower than 2.56% increase in the previous month. The housing prices was 6 bps higher in May 2019 compared to the previous month. The inflation excluding food and fuel, also known as core inflation, fell, reaching a 22 month low at 4.1% YoY.

As the headline inflation and core inflation is well within the RBI's inflationary target, and if we are to see normal monsoons and stability in oil prices, the retail inflation can remain subdued, allowing the RBI for another rate cut in H2FY20.

Brief Overview

Consumer Price Index in India is published monthly by the Central Statistical Organization (CSO). Consumer Price Indices (CPI) measure changes over time in the general level of prices of goods and services that households acquire for consumption. CPI is a macroeconomic indicator of inflation and used as a tool by central banks for inflation targeting and monitoring price stability, and as deflators in the national accounts. CPI is also used for indexing dearness allowance to employees for the increase in prices.

The data we present above is in the base year 2012. The Field Operations Division of NSSO, the specified State/UT Directorates of Economics and Statistics and 1181 selected villages of the Department of Posts collect monthly price data from 1114 markets in 310 chosen towns.

For more information, please visit the official government website.

CPI- Sub-groups

CPI- Quarterly

Note: The seasonally adjusted series has been obtained using the Census X-13 procedure with the X-11 method of seasonal adjustment

CPI- Industrial Workers

CPI- Annual

Next Release Date: July 12, 2019