India CPI surged by 7.44% YoY in July

August 14, 2023 (MLN): India's consumer price index (CPI) for the month of July 2023 surged by 7.44% YoY, compared to 4.87% YoY in the previous month and 6.71% in the same month of last year, the latest data issued by Ministry of Statistics and Programme Implementation (MoSPI) on Monday showed.

This was the highest increase since April 2022.

Similarly, on a sequential basis, India's CPI increased by 2.93% MoM.

Food inflation surged by 11.51% YoY, the highest since January of 2020, led by cost of vegetables (37.3%), spices (21.6%), cereals (13%), pulses (13.3%) and milk (8.3%).

Meanwhile, prices of fuel and light went up 3.7%, housing cost rose 4.5%, miscellaneous increased 5.1% and prices for clothing and footwear surged 5.6%.

Consumer Price Indices (CPI) measure changes over time in the general level of prices of goods and services that households acquire for the purpose of consumption.

CPI is widely used as a macroeconomic indicator of inflation, as a tool by governments and central banks for inflation targeting and for monitoring price stability, and as deflators in the national accounts.

All India Consumer Price Index (CPI) Base year is 2012.

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