According to the most recent statistics from the Ministry of Statistics and Program Implementation, retail inflation, or the Consumer Price Index (CPI), fell to a 12-month low in May 2024 of 4.75%. India's retail inflation rate was 4.83 percent in April 2024. Beginning in March 2024, the headline rate has been less than five percent for three months in a row.
For the month of May 2024, the year-over-year inflation rate based on the Consumer Price Index (CPI) for all of India is 4.75% (Provisional). According to a statement released by the Ministry of Statistics and Program Implementation, the corresponding inflation rates for rural and urban areas are 5.28% and 4.15%, respectively.
Since February 2024, headline inflation has gradually decreased, but within a small range: 5.1% in February to 4.8% in April 2024.
The National Statistical Office (NSO) published data showing that food basket inflation in May was 8.69 percent, slightly lower than the 8.70 percent rate recorded in April.
The Reserve Bank has been given a mandate by the government to maintain CPI inflation at 4% with a 2% buffer on each side. The RBI predicted earlier this month that Q1 CPI inflation would be 4.9%, Q2 3.8%, Q3 4.6%, and Q4 4.5% for 2024–25. When determining its bi-monthly monetary policy, the central bank primarily takes retail inflation into account.
According to IIP, India's industrial production increased by 5% in April.
In April 2023, the IIP growth rate was 4.6%. For the month of April 2024 compared to April 2023, the growth rates of the mining, manufacturing, and electricity sectors are 6.7%, 3.9%, and 10.2%, respectively.
In the manufacturing sector, "Manufacture of basic metals" (8.1%), "Manufacture of coke and refined petroleum products" (4.9%), and "Manufacture of motor vehicles, trailers, and semi-trailers" (11.4%) have the highest growth rates that contributed positively to the growth of IIP for the month of April 2024.
The Quick Estimates of IIP with base 2011–12 for April 2024 are 147.7, compared to 140.7 for April 2023. In April 2024, the Mining, Manufacturing, and Electricity sectors' respective Indices of Industrial Production are 130.8, 144.2, and 212.0.
For the month of April 2024, the use-based categorization indices are as follows: 152.2 for Primary Goods, 95.3 for Capital Goods, 156.9 for Intermediate Goods, and 183.3 for Infrastructure/Construction Goods.
Additionally, for the month of April 2024, the consumer durables and consumer non-durables indices are, respectively, 118.7 and 151.0.
