Consumer Price Index for May 2023

Bengaluru (Aryavarth): The National Statistical Office (NSO) under the Ministry of Statistics and Programme Implementation (MoSPI) has recently released the All India Consumer Price Index (CPI) for the month of May 2023. The CPI is based on the 2012=100 base year and provides insights into the inflation rates for both rural and urban areas.

The price data for the CPI were collected from 1,114 urban markets and 1,181 villages across all states and union territories. The NSO field staff conducted personal visits on a weekly roster to collect the data. During May 2023, the NSO managed to collect prices from 98.56% of villages and 97.04% of urban markets.

The All India inflation rates, calculated on a year-on-year basis (May 2023 over May 2022), are as follows: the rural inflation rate based on the CPI (General) is 4.17%, the urban inflation rate is 4.27%, and the combined inflation rate is 4.25%. In comparison, the inflation rates in May 2022 were considerably higher, with the rural rate at 7.08%, the urban rate at 7.08%, and the combined rate at 7.04%.

The Consumer Food Price Index (CFPI) shows a similar trend. The CFPI inflation rate for rural areas in May 2023 is 3.19%, while the urban rate is 2.43%. The combined CFPI inflation rate stands at 2.91%. These figures are lower compared to May 2022, which saw rural, urban, and combined CFPI inflation rates of 7.76%, 8.20%, and 7.97%, respectively.

The General Indices for the CPI (General) and CFPI have also been provided. In May 2023, the CPI (General) index stands at 179.7, 178.1, and 179.0 for rural, urban, and combined areas, respectively. The CFPI index is 174.9 for rural, 181.1 for urban, and 177.1 for combined areas. These indices indicate the price levels relative to the base year.

The monthly changes in the CPI (General) and CFPI for May 2023 over April 2023 are minimal but still noteworthy. The rural CPI (General) increased by 0.50%, the urban CPI (General) increased by 0.39%, and the combined CPI (General) increased by 0.51%. The CFPI also saw marginal increases, with the rural CFPI rising by 0.69%, the urban CFPI increasing by 0.61%, and the combined CFPI rising by 0.68%.





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