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The latest data released by the National Statistical Office (NSO), under the Ministry of Statistics and Programme Implementation (MoSPI), indicates a slight easing in retail inflation for the month of February 2024.
According to the provisional figures provided by the NSO, the retail inflation, based on the Consumer Price Index (General), stood at 5.09 per cent in February 2024. This marks a marginal decrease from 5.10 per cent recorded in January 2024. The combined inflation rate for rural and urban areas came down to 5.09 per cent from the previous month's 5.10 per cent. The data further reveals that the Consumer Food Price Index (CFPI) witnessed a similar trend, with a slight decrease from 8.30 per cent in January 2024 to 8.21 per cent in February 2024. Both rural and urban areas experienced a dip in food inflation, indicating a marginal relief for consumers across the board. The monthly changes in the General Indices and CFPIs show a negligible increase of 0.16 per cent in the combined CPI (General) and 0.11 per cent in the CFPI from January 2024 to February 2024. This indicates a relatively stable price movement in essential goods and services during the said period. The NSO collects price data from a vast sample size, covering both rural and urban markets across all states and union territories. During February 2024, data was collected from 100 per cent of villages and 98.5 per cent of urban markets. The comprehensive coverage ensures that the inflation figures are representative of the diverse consumption patterns across the country. In terms of the subgroup analysis, notable trends were observed in various categories. Cereals and products, meat and fish, and egg prices showed moderate increases, contributing to the overall inflation rate. On the other hand, certain items like oils and fats experienced a decline in prices, exerting downward pressure on inflation. The NSO has also provided state-wise inflation data, highlighting the varying price dynamics across different regions. States like Andhra Pradesh, Telangana, and Tamil Nadu recorded relatively higher inflation rates, while states like Delhi and Maharashtra witnessed a more subdued inflationary environment. Looking ahead, the NSO has announced that the next release of CPI data for March 2024 is scheduled for April 12, 2024. This continued transparency in reporting inflation figures enables policymakers and stakeholders to make informed decisions regarding monetary and fiscal policies. (ANI)
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