Retail inflation eased to 7.24 % for industrial workers

The year on year inflation measured by CPI-IW stood at 7.24% for January 2014, as compared to 9.13% for Dec

Retail inflation for industrial workers eased to 7.24% in January compared to 9.13% in previous month and 11.62% in same month last year mainly on account of softening in prices of food items.

"The year on year inflation measured by CPI-IW stood at 7.24% for January 2014, as compared to 9.13% for the previous month and 11.62% during the corresponding month of the previous year (2013)," a Labour Ministry statement said here.

According to the statement, food inflation stood at 8.94% in January as against 11.49% in the previous month and 14.08% during the corresponding month of 2013.

The Consumer Price Index-Industrial Workers (CPI-IW) for January declined by two points and was pegged at 237 points. On one month percentage change, it decreased by 0.84% between December 2013 and January 2014 compared with the rise of 0.91% between the same two months a year ago.

The largest downward pressure to the change in current index came from food group contributing (-) 2.78 percentage point to total change.

At an item level, groundnut oil, onion, brinjal, cabbage, carrot, gourd, 'palak, peas, potato, tomato and other vegetables, were responsible for the decrease in the index.

However, this was compensated to some extend by housing index and prices of rice, wheat, fish fresh, goat meat, poultry, cooking gas, electricity charges, petrol etc. Putting upward pressure on the index.

At centre level, Bhilwara recorded a highest decline of 8 points followed Kodarma (7 points), Bokaro and Surat (6 points each), Varanasi and Munger Jamalpur (5 points each). Among other, four points decrease was registered in 8 centres, three points in 13 centres, two in 12 centres and one point in nine centre.

Amritsar and Quilon centres reported an increase of 4 points each, followed by Jharia (3 points). Among others, two point increase was observed in six centres and by one point in seven centres. Rest of the 14 centres' indices remained stationary.