New Delhi: As per the data released by the Union Ministry of Labour, the retail inflation for farm workers and rural labourers surged in April. The retail inflation surge by 10 points to reach at 1,108 and 1,119 points respectively. The main reason for the rise in inflation is the increase in the prices of rice, wheat, vegetables and fruits.
The point to point rate of inflation based on the CPI-AL (consumer price index for agricultural labourers) and CPI-RL (consumer price index for rural labourers) also surged. Rise in prices of jowar, bajra as well as ragi apart from that of wheat, rice and fruits and vegetables, contributed to higher retail inflation for agricultural and rural workers.
The retail inflation is a price index that calculates price changes of goods and services that a consumer has to pay in the retail market. Consumer Price Index (CPI) is an index measuring retail inflation in the economy by collecting the change in prices of most common goods and services used by consumers. In India, there are four consumer price index numbers:
CPI for Industrial Workers (IW)
CPI for Agricultural Labourers (AL)
CPI for Rural Labourers (RL) and
CPI for Urban Non-Manual Employees (UNME).
Last week, India’s retail inflation had surged to an eight-year high of 7.79% for the month of April 2022 on an annual basis. It had soared mainly due to high food prices.