What got cheaper & costlier in March as CPI falls to 67-month-low of 3.34%?
India’s retail inflation, as measured by the Consumer Price Index (CPI), has fallen to a 67-month-low of 3.34% in March, according to data released by the Ministry of Statistics and Programme Implementation. This significant decline in inflation is a welcome respite for consumers, who can now expect to pay lower prices for certain essential commodities. But what exactly got cheaper and costlier in March? Let’s take a closer look.
Food items that got cheaper:
- Eggs: Prices of eggs saw a significant decline of 6.4% in March, making them a more affordable option for consumers.
- Vegetables: The prices of vegetables, which have been a concern for many consumers in recent months, fell by 5.3% in March.
- Pulses: Pulses, which are a staple in many Indian households, saw a decline of 4.5% in prices in March.
These declines in prices of essential food items are likely to provide relief to consumers, who have been grappling with rising prices of daily necessities in recent months.
Food items that got costlier:
- Fruits: While vegetables became cheaper, fruits saw a significant jump of 14.1% in prices in March. This could be attributed to factors such as supply chain disruptions and weather-related issues.
- Cereals: Prices of cereals, which include wheat, rice, and other grains, rose by 1.8% in March, making them slightly more expensive for consumers.
Other items that got cheaper or costlier:
- Spices: Prices of spices, which are a crucial ingredient in many Indian dishes, fell by 1.1% in March.
- Meat, Fish, and Eggs: Prices of meat, fish, and eggs, which are often consumed by the middle and upper classes, saw a decline of 0.4% in March.
- Housing: Housing rents and prices saw a decline of 0.3% in March, making it a relatively affordable option for consumers.
- Recreation and Amusement: Prices of recreational activities, such as movies and travel, fell by 0.2% in March, providing a welcome respite for consumers.
- Clothing: Prices of clothing, which is a significant expense for many consumers, rose by 0.1% in March.
Items that saw marginal rises:
- Milk: Prices of milk, which is an essential item for many Indian households, rose by 0.1% in March.
- Oil: Prices of oil, which includes petrol, diesel, and other petroleum products, saw a marginal rise of 0.1% in March.
- Sugar: Prices of sugar, which is a crucial ingredient in many Indian dishes, rose by 0.1% in March.
- Confectionery: Prices of confectionery items, such as chocolates and biscuits, saw a marginal rise of 0.1% in March.
- Footwear: Prices of footwear, which is a significant expense for many consumers, rose by 0.1% in March.
Conclusion:
The decline in CPI to a 67-month-low of 3.34% is a welcome respite for consumers, who can now expect to pay lower prices for certain essential commodities. While some food items, such as fruits and cereals, saw price increases, others, such as eggs, vegetables, and pulses, became more affordable. The marginal declines in prices of spices, meat, fish, and eggs, as well as housing, recreation, and amusement, are also likely to provide relief to consumers.
As India’s economy continues to grow and inflation remains under control, it is likely that consumers will continue to benefit from lower prices of essential commodities. However, it is also important for policymakers to remain vigilant and take steps to ensure that the benefits of economic growth are shared by all sections of society.
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