Retail inflation for agri, rural labourers decreases in December
Updated: Jan 22, 2014 05:56:19pm
New Delhi, Jan 22 (KNN) The retail inflation for agricultural labourers and rural labourers for December 2013 has decreased to 11.19 per cent and 11.18 per cent in December 2013 respectively.
“Point to point rate of inflation based on the Consumer Price Index for Agricultural Labourers (CPI-AL) and Consumer Price Index Numbers for Rural Labourers (CPI-RL) decreased from 13.43 per cent and 13.27 per cent in November, 2013 to 11.19 per cent and 11.18 per cent in December, 2013,” said an official release by the Ministry of Labour and Employment.
Inflation based on food index of CPI-AL and CPI-RL are 11.57 per cent and 11.23 per cent respectively during December, 2013, added the release.
According to the Labour Bureau, “…the All-India Consumer Price Index Numbers for Agricultural Labourers and Rural Labourers (Base: 1986-87=100) for December, 2013 decreased by 12 points and 11 points respectively to stand at 765 ( Seven hundred and sixty five) points and 766 (Seven hundred and sixty six) points.”
The fall/rise in index varied from State to State. In case of Agricultural Labourers, it recorded a decrease between 5 to 27 points for 16 States and an increase between 2 to 6 points for 4 States. Haryana with 841 points topped the index table whereas Himachal Pradesh with the index level of 622 points stood at the bottom.
In case of Rural Labourers, it recorded a decrease between 3 to 24 points in 16 States and an increase between 2 to 5 points for 4 States. Haryana with 834 points topped the index table whereas Himachal Pradesh State with the index level of 652 points stood at the bottom.
The Consumer Price Index Numbers for Agricultural and Rural Labourers in respect of Punjab State registered the maximum decrease of 27 and 24 points respectively mainly due to decrease in the prices of rice, gram dal, onion, ginger, vegetables and fruits and gur.
However, the Consumer Price Index Numbers for Agricultural and Rural Labourers in respect of Kerala State registered the maximum increase of 6 and 5 points respectively mainly due to increase in the prices of wheat atta, tapioca, pulses, coconut oil, onion, vegetables and fruits, fish fresh, tamarind and tea readymade.
Meanwhile, a panel formed by Reserve Bank of India (RBI) Raghuram Rajan has suggested that the central bank focus primarily on managing inflation, switching to consumer prices from wholesale prices in setting its inflation target and making monetary policy.
RBI’s original mandate has been to ensure price stability while keeping an eye on growth. The panel, headed by RBI deputy governor Urjit Patel, said in its report, unveiled on Tuesday, that the nominal anchor of monetary policy should be inflation based on the consumer price index (CPI).
"The RBI should adopt the new CPI (combined) as the measure of the nominal anchor for policy communication," the Expert Committee to Revise and Strengthen the Monetary Policy Framework said, adding that "bringing down inflation must be accorded primacy".
"In view of the elevated level of current CPI inflation ...the transition path to the target zone should be graduated to bringing down inflation from the current level of 10 per cent to 8 per cent over a period not exceeding the next 12 months, and to 6 per cent over a period not exceeding the next 24 months period before formally adopting the recommended target of 4 per cent inflation with a band of +/- 2 per cent," the panel headed by RBI Deputy Governor Urjit R Patel said. (KNN/SD)
“Point to point rate of inflation based on the Consumer Price Index for Agricultural Labourers (CPI-AL) and Consumer Price Index Numbers for Rural Labourers (CPI-RL) decreased from 13.43 per cent and 13.27 per cent in November, 2013 to 11.19 per cent and 11.18 per cent in December, 2013,” said an official release by the Ministry of Labour and Employment.
Inflation based on food index of CPI-AL and CPI-RL are 11.57 per cent and 11.23 per cent respectively during December, 2013, added the release.
According to the Labour Bureau, “…the All-India Consumer Price Index Numbers for Agricultural Labourers and Rural Labourers (Base: 1986-87=100) for December, 2013 decreased by 12 points and 11 points respectively to stand at 765 ( Seven hundred and sixty five) points and 766 (Seven hundred and sixty six) points.”
The fall/rise in index varied from State to State. In case of Agricultural Labourers, it recorded a decrease between 5 to 27 points for 16 States and an increase between 2 to 6 points for 4 States. Haryana with 841 points topped the index table whereas Himachal Pradesh with the index level of 622 points stood at the bottom.
In case of Rural Labourers, it recorded a decrease between 3 to 24 points in 16 States and an increase between 2 to 5 points for 4 States. Haryana with 834 points topped the index table whereas Himachal Pradesh State with the index level of 652 points stood at the bottom.
The Consumer Price Index Numbers for Agricultural and Rural Labourers in respect of Punjab State registered the maximum decrease of 27 and 24 points respectively mainly due to decrease in the prices of rice, gram dal, onion, ginger, vegetables and fruits and gur.
However, the Consumer Price Index Numbers for Agricultural and Rural Labourers in respect of Kerala State registered the maximum increase of 6 and 5 points respectively mainly due to increase in the prices of wheat atta, tapioca, pulses, coconut oil, onion, vegetables and fruits, fish fresh, tamarind and tea readymade.
Meanwhile, a panel formed by Reserve Bank of India (RBI) Raghuram Rajan has suggested that the central bank focus primarily on managing inflation, switching to consumer prices from wholesale prices in setting its inflation target and making monetary policy.
RBI’s original mandate has been to ensure price stability while keeping an eye on growth. The panel, headed by RBI deputy governor Urjit Patel, said in its report, unveiled on Tuesday, that the nominal anchor of monetary policy should be inflation based on the consumer price index (CPI).
"The RBI should adopt the new CPI (combined) as the measure of the nominal anchor for policy communication," the Expert Committee to Revise and Strengthen the Monetary Policy Framework said, adding that "bringing down inflation must be accorded primacy".
"In view of the elevated level of current CPI inflation ...the transition path to the target zone should be graduated to bringing down inflation from the current level of 10 per cent to 8 per cent over a period not exceeding the next 12 months, and to 6 per cent over a period not exceeding the next 24 months period before formally adopting the recommended target of 4 per cent inflation with a band of +/- 2 per cent," the panel headed by RBI Deputy Governor Urjit R Patel said. (KNN/SD)
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