Retail price inflation for industrial workers declines to 5.14% in April, Retail News, ET Retail

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Retail price inflation for industrial workers eased slightly to 5.14 percent in April from 5.64 percent in March, mainly due to lower prices for some food items.

“Year-on-year inflation for the month (April) stood at 5.14% against 5.64% for the previous month and 5.45% for the corresponding month of the previous year,” said Monday. the Ministry of Labor in a press release. .

According to the statement, food inflation stood at 4.78 percent in April from 5.36 percent in the previous month. The same was 6.56% in April 2020.

The CPI-IW (Consumer Price Index – Industrial Workers) for all of India for April 2021 rose 0.5 points to 120.1 points compared to 119.6 points in March.

In terms of a month-on-month percentage change, it increased 0.42 percent in April from March of this year, while the increase was 0.92 percent from the same period ago. a year.

The maximum upward pressure on the current index came from the Food and Beverage group, contributing 0.43 percentage point to the total change.

At item level, Arhar Dal, Masur Dal, Fresh Fish, Goat Meat, Poultry Chicken, Hen Eggs, Edible Oils, Apple, Banana, Grapes, Leeches, Orange, Papaya, Tea Leaf, Tea Hot Drink , Barber / Beautician Fees, flowers / flower garlands, medical costs, train costs, motorcycle maintenance costs, and cable costs are among the factors that helped the index rise.

However, the increase was largely held back by items such as rice, onion, bitter gourd, drumstick, lady’s finger, parval, cooking gas, and gasoline.

At the central level, Jabalpur recorded a maximum increase of 3.6 points, followed by Raipur and Bhavnagar with an increase of 3.2 and 3.1 points, respectively.

Six centers recorded an increase of between 2 and 2.9 points while the increase was between 1 and 1.9 points in 11 centers. In 49 centers, the increase was in the order of 0 to 0.9 points.

Coonoor recorded the maximum drop of 2.3 points while three centers saw a drop between 1 and 1.9 points, and 15 centers saw a drop between 0 and 0.9 points.

Labor Minister Santosh Gangwar said that the increase in the index would lead to an increase in the wages of the working class through an increase in the cost allowance payable to them.

“The fall in inflation in April 2021 is a sign of respite for consumers which is mainly due to the drop in retail prices of vegetables,” he noted.

The CPI-IW is the most important price statistic with financial implications.

It is mainly used to regulate the cost allowance of state employees and workers in industrial sectors. It is also used in setting and reviewing minimum wages in scheduled jobs in addition to measuring retail price inflation.

The director general of the Labor Office, DPS Negi, said that the rise in the index in April 2021 is in line with all other price indices compiled and published and that a decline in inflation during the month was observed in all retail price indexes published by other government agencies.

The Labor Office, an office attached to the Ministry of Labor and Employment, compiles a monthly consumer price index for workers in industry based on retail prices collected from 317 markets in 88 centers major industrialists in the country.

The data is published on the last working day of the following month.

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