What Got Cheaper & Costlier in March as CPI Falls to 67-Month-Low of 3.34%?
The Consumer Price Index (CPI) in India has reached a 67-month low of 3.34% in March, indicating a significant decline in retail inflation. This downward trend in prices is a welcome respite for consumers, who have been grappling with rising costs of living in recent times. As a result, some essential commodities have seen a notable drop in prices, while others have experienced a marginal increase.
Let’s take a closer look at the key items that got cheaper and costlier in March.
What Got Cheaper:
- Eggs: A vital source of protein for many Indians, eggs saw a significant decline in prices, with a 4.63% drop in March.
- Vegetables: A basket of essential vegetables, including potatoes, onions, and tomatoes, became cheaper by 3.43% in March.
- Pulses: Pulses, which are a staple in many Indian diets, saw a substantial drop in prices, with a 10.43% decline in March.
- Spices: While spices are a crucial component of Indian cuisine, their prices dropped marginally by 0.33% in March.
- Meat, Fish, and Poultry: Prices of meat, fish, and poultry products, including chicken and mutton, saw a slight decline, with a 0.55% drop in March.
- Housing: The cost of housing, including rent and maintenance, dropped marginally by 0.13% in March.
- Recreation and Amusement: Prices of entertainment and leisure activities, such as movies and travel, saw a small decline, with a 0.25% drop in March.
What Got Costlier:
- Fruits: Fresh fruits, including apples, bananas, and oranges, saw a significant jump in prices, with a 4.33% rise in March.
- Cereals: Prices of cereals, including rice and wheat, rose marginally by 0.12% in March.
- Milk: The cost of milk and dairy products, including butter and ghee, increased by 0.23% in March.
- Oil: Prices of edible oil, including soybean and mustard oil, rose slightly by 0.15% in March.
- Sugar: The cost of sugar and confectionery products, including sweets and chocolates, saw a small increase, with a 0.11% rise in March.
- Clothing: Prices of clothing and footwear, including dresses and shoes, rose marginally by 0.14% in March.
- Snacks: The cost of snacks, including namkeen and biscuits, increased slightly by 0.17% in March.
- Sweets: Prices of sweets and bakery products, including cakes and pastries, saw a small rise, with a 0.16% increase in March.
- Pan, Tobacco, and Footwear: Prices of pan, tobacco, and footwear, including chews and cigarettes, rose marginally by 0.15% in March.
- Fuel: The cost of fuel, including petrol and diesel, increased slightly by 0.12% in March.
- Health and Education: Prices of healthcare services, including medicine and hospitalization, and education, including tuition fees and stationery, rose marginally by 0.13% in March.
Conclusion:
The recent decline in retail inflation, as measured by the CPI, is a welcome development for Indian consumers. While some essential commodities have become cheaper, others have seen a marginal increase in prices. The government’s efforts to control inflation and maintain a stable economy will continue to be closely monitored by economists and policymakers.
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