Retail Inflation and Index of Industrial Production (IIP)- Update
The National Statistical Office (NSO) released data on India’s retail inflation and Index of Industrial Production (IIP) on July 12, 2022.
NSO data on inflation
- According to NSO data, in June 2022, the retail inflation was more than the upper tolerance limit of RBI for the sixth consecutive month.
- This has increased the chances of more tight monetary policy.
- In May 2022, the industrial production had increased to a 12-month high.
- Inflation based on Consumer Price Index (CPI) decreased marginally to 7.01 per cent in June 2022, as compared to 7.04 per cent in May 2022.
- Index of Industrial Production (IIP) increased by 19.6 per cent in May 2022, against 6.7 per cent in April.
- In April, headline retail inflation had increased to 7.79 %, making it highest in eight years.
Reason for reduced CPI in June
The CPI for June was the result of sticky food prices. Consumer food price inflation was 7.75 percent, against 7.97% in May 2022. Food prices had reduced to half of the inflation basket. CPI for vegetables increased to 17.37 per cent while for spices it increased to 11.04 per cent. Footwear recorded a rise of 11.92% while fuel & light recorded a rise of 10.31 per cent.
About National Statistical Office (NSO)
The National Statistical Office was created by amalgamating the National Sample Survey Office (NSSO), and Central Statistical Office (CSO). Creation of NSO was first proposed by Rangarajan Commission, in order to implement and maintain statistical standards & coordinate statistical across India, as provided by the National Statistical Commission (NSC). NSO is headed by Secretary of “Ministry of Statistics & Programme Implementation”, which is also the Parent Ministry of NSO.
Month: Current Affairs - July, 2022
Category: Economy & Banking Current Affairs - 2022
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