Consumer Price Index (CPI)
The year-on-year inflation rate based on the all-India Consumer Price Index (CPI) was provisionally 4.75 percent in May 2024. The corresponding inflation rates for rural and urban areas were 5.28 percent and 4.15 percent, respectively.
All-India inflation based on the General CPI for May 2024 was the lowest since May 2023, remaining below 6 percent since September 2023.
A notable decrease was observed in the year-on-year inflation for ‘Spices’ compared to April 2024. Among different groups, the inflation rates for ‘Clothing & Footwear’, ‘Housing’, and ‘Miscellaneous’ categories showed a decline from the previous month.
Overview of Industrial Production (IIP)
In April 2024, the Quick Estimates of the Index of Industrial Production (IIP) with the base year 2011-12 was recorded at 147.7, up from 140.7 in April 2023. The sectoral indices for Mining, Manufacturing, and Electricity in April 2024 were 130.8, 144.2, and 212.0, respectively.
By use-based classification, the indices for April 2024 were as follows: Primary Goods at 152.2, Capital Goods at 95.3, Intermediate Goods at 156.9, and Infrastructure/Construction Goods at 183.3. Consumer Durables and Consumer Non-durables stood at 118.7 and 151.0, respectively.
The growth rate of IIP in April 2024 was 5.0 percent compared to the same month in the previous year, which was 4.6 percent. The growth rates for Mining, Manufacturing, and Electricity sectors in April 2024 over April 2023 were 6.7 percent, 3.9 percent, and 10.2 percent, respectively. Within the manufacturing sector, significant contributors to the growth were Manufacture of basic metals at 8.1 percent, Manufacture of coke and refined petroleum products at 4.9 percent, and Manufacture of motor vehicles, trailers, and semi-trailers at 11.4 percent.
The use-based classification growth rates for April 2024 over April 2023 were as follows: Primary Goods at 7.0 percent, Capital Goods at 3.1 percent, Intermediate Goods at 3.2 percent, Infrastructure/Construction Goods at 8.0 percent, Consumer Durables at 9.8 percent, and Consumer Non-durables at -2.4 percent. The top positive contributors were Primary Goods, Infrastructure/Construction Goods, and Consumer Durables.
