Retail inflation accelerates to 5.59%
Part of: Prelims and GS-III – Economy
Context: According to data from the National Statistical Office (NSO), Retail inflation increased to 5.59% in December due to an increase in food prices.
- India’s industrial output growth slowed to 1.4% in November 2021.
- In December 2020, the retail inflation was 4.59%.
- Retail Inflation is measured by the Consumer Price Index (CPI).
National Statistical Commission
- The new NSO as an agency was envisaged firstly by Rangarajan Commission to implement and maintain statistical standards and coordinate statistical activities of Central and State agencies as laid down by the National Statistical Commission (NSC).
- NSO was formed with the merger of NSSO and CSO under MoSPI.
- CSO coordinates the statistical activities in the country and also evolves statistical standards.
- NSSO is responsible for the conduct of large scale sample surveys in diverse fields on an all India basis.
- Parent Ministry: It is the statistical wing of the Ministry of Statistics and Programme Implementation (MoSPI).
What Is the Consumer Price Index (CPI)?
- The Consumer Price Index (CPI) is a measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food and medical care.
- It is calculated by taking price changes for each item in the predetermined basket of goods and averaging them.
- Changes in the CPI are used to assess price changes associated with the cost of living;
- The CPI is one of the most frequently used statistics for identifying periods of inflation or deflation.
News Source: TH