New Delhi: As per the data released by the Union Ministry of Labour, the retail inflation for industrial workers eased to 6.16% in June. It was at 6.97% in May this year. The retail inflation slipped down due to lower prices of certain food items and petrol.
‘Year-on-year inflation for the month stood at 6.16% compared to 6.97% for the previous month (May 2022) and 5.57% during the corresponding month (June 2021) a year before,’ a statement issued by the labour ministry said.
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The food inflation stood at 6.73% in June this year. It was at 7.92% in the previous month and 5.61% in June 2021.
The all-India CPI-IW (consumer price index for industrial workers) for June 2022 increased by 0.2 points. CPI-IW is at 129.2 points. CPI-IW was 129 points in May 2022.
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).
The Labour Bureau, an attached office of the Ministry of Labour & Employment, has been compiling CPI-IW every month based on retail prices collected from 317 markets spread over 88 industrial centres in the country.
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