Consumer Price Index June 2024: According to the most recent data from the Union Ministry of Labour and Employment, consumer price inflation (CPI) for labourers employed in agriculture and rural areas increased dramatically in June 2024, reaching 7.02 percent and 7.04 percent year over year, respectively.
Rising Inflation Over the Months
Over the last two months, there has been a steady increase in the inflation rate for labourers in rural areas. It was 6.96 per cent in April, 7.02 per cent in May, and 7.04 per cent in June when it was recorded. In the meantime, there was a minor increase in the CPI for agricultural labourers from 7% in May to 7.02% in June, suggesting a consistent trend in inflation for this sector.
Detailed Figures and Statistics
The Union Ministry of Labour and Employment stated that the All-India Consumer Price Index for Agricultural Labourers (CPI-AL) and Rural Labourers (CPI-RL) (Base: 1986-87=100) saw an 11-point rise each in June 2024, reaching 1280 and 1292, respectively. This increase reflects the ongoing inflationary pressures faced by these labourers.
Key Drivers of Inflation
The primary factors contributing to the inflation that agricultural labourers faced this month were found to be food and clothing. On the other hand, there was some respite when the Consumer Price Index for light and fuel decreased. Similar to the patterns observed among agricultural labourers, food costs increased the highest for rural labourers while fuel and light inflation dropped.
Monthly Data Collection
The Ministry of Labour and Employment oversees the Labour Bureau, which compiles the monthly CPI-AL and CPI-RL data. The agency ensures a thorough picture of the inflation landscape by gathering retail prices from 600 villages spread across 20 states.
Comparative Analysis with Previous Months
The CPI-AL and CPI-RL had a 6-point gain last month, coming in at 1269 and 1281, respectively. The CPI-AL-based point-on-point inflation rate in May 2024 was 7.00%, a marginal decline from 7.03% in April 2024. The CPI-RL inflation rate increased slightly from 6.96 percent in April 2024 to 7.02 percent in May 2024. By contrast, the May 2023 numbers were 5.84 percent for CPI-RL and 5.99 percent for CPI-AL.
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