- According to the data released from the Central Statistics Office(CSO), retail inflation has reached an eight-month high of 3.18% in June,2019.
- This is mainly due to costlier food items.As per the data,Inflation in the food basket rose to 2.17% in June,2019 up from 1.83% in May 2019.
- Retail inflation 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.
- CPI data is released monthly by the Central Statistics Office(CSO) which functions under the Ministry of Statistics and Programme Implementation.
- 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 the recommendation of Urjit Patel Committee.
