AICPIN for July 2024 | Inflation index for DA Calculation
The Labour Bureau, under the Ministry of Labour & Employment, compiles the Consumer Price Index for Industrial Workers (CPI-IW) on a monthly basis. This index is calculated based on retail prices collected from 317 markets across 88 industrial centers in India. The data for July 2024 is now available.
Key Highlights for July 2024:
- All-India CPI-IW for July 2024: The CPI-IW increased by 1.3 points, reaching 142.7. This marks a significant change from the previous month, indicating a shift in the cost of living for industrial workers.
- Year-on-Year Inflation:
- The year-on-year inflation for July 2024 moderated to 2.15%, a notable decrease from the high inflation rate of 7.54% recorded in July 2023.
- For June 2024, the inflation rate was 3.67%, compared to 5.57% in June 2023. This declining trend highlights a stabilization in prices for essential commodities.
CPI-IW Group-wise Data for June and July 2024:
| Sr. No. | Groups | June 2024 | July 2024 |
|---|---|---|---|
| I | Food & Beverages | 148.7 | 150.4 |
| II | Pan, Supari, Tobacco & Intoxicants | 161.6 | 162.0 |
| III | Clothing & Footwear | 144.2 | 144.4 |
| IV | Housing | 128.4 | 131.6 |
| V | Fuel & Light | 148.8 | 148.8 |
| VI | Miscellaneous | 136.3 | 136.6 |
| General Index | 141.4 | 142.7 |
The Consumer Price Index for Industrial Workers (CPI-IW) provides an essential measure of inflation that affects the working-class population. It is a critical indicator for adjusting wages and ensuring fair compensation across various sectors.
Source : PIB