India’s industrial workers’ inflation data is a big relief.
In the coming days, the figures for both retail and wholesale inflation for August will be released. Along with the common people, the government is also hoping that similar figures were seen in July. Similar figures were also seen in August. Well, in light of these figures, the government has given some good news. We will also tell you what kind of figures the government has presented.
Inflation for industrial workers is reduced
In fact, the government has released retail inflation figures for industrial workers. Which is a relief. As per the data released by the government, retail inflation for industrial workers declined to 2.15 per cent in July this year. The Ministry of Labour said in a statement that the all-India CPI-IW (industrial consumer price index) for July 2024 rose 1.3 points to 142.7 points. It was 141.4 points in June 2024.
How much was this inflation last year?
The statement said that inflation decreased to 2.15 percent in July 2024 compared with 7.54 percent in July 2023. Similarly, inflation in June 2024 was 3.67 percent, which was 5.57 percent in June 2023. The Labor Bureau under the Ministry of Labor and Employment prepares the consumer price index for industrial workers every month based on retail prices collected in 317 markets in 88 industrially important centers of the country.
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These inflation figures will be coming soon
Retail inflation figures, which shape and guide the country’s economy, are expected to be released on September 12. The government will release the figures for the month of August. The retail inflation figures that came in in July were at the lowest level in five months. Retail inflation had dropped to 3.5 percent in July. What is special is that in July 2023 the inflation rate reached 7.44 percent, the highest in 15 months.
What is the RBI estimate?
Although the inflation figure for the month of July has come down to 4 per cent, the RBI has not made any changes in its estimate. The RBI estimates that the average inflation in the country may be 4.5 per cent in the financial year 2025. However, crude oil prices have declined in the international market. It is estimated that even if there is a slight increase in retail inflation, the figures may remain below 4 per cent. Experts estimate that the figures for the month of August may see an increase in retail inflation from 0.35 per cent to 0.45 per cent.
