On July 26th 2024, there was a Press release By Ministry of Labour and Employment regarding Consumer Price Index for Agricultural Labourers and Rural Labourers.
There has been a noticeable change in the All-India Consumer Price Index (CPI) for both Agricultural Labourers (CPI-AL) and Rural Labourers (CPI-RL).
Consumer Price Index (CPI)
The Consumer Price Index (CPI) measures the average change in prices over time that consumers pay for a basket of goods and services. It’s an important indicator used to gauge inflation, which reflects the cost of living.
Key Highlights for June 2024:
- Index Increase:
- The CPI for Agricultural Labourers (CPI-AL) increased by 11 points, reaching a level of 1280.
- The CPI for Rural Labourers (CPI-RL) also increased by 11 points, reaching a level of 1292.
- Inflation Rates:
- The year-on-year inflation rate for CPI-AL was 7.02%.
- The year-on-year inflation rate for CPI-RL was 7.04%.
- These rates are higher compared to June 2023, which saw inflation rates of 6.31% (CPI-AL) and 6.16% (CPI-RL).
- For comparison, in May 2024, the inflation rates were slightly lower at 7.00% (CPI-AL) and 7.02% (CPI-RL).
- Detailed Breakdown:
- General Index: The overall index for Agricultural Labourers rose from 1269 in May to 1280 in June, while for Rural Labourers, it went from 1281 in May to 1292 in June.
- Food: The index for food items increased from 1205 to 1220 for Agricultural Labourers and from 1212 to 1227 for Rural Labourers.
- Pan, Supari, etc.: A minor increase was seen in this category, from 2058 to 2060 for Agricultural Labourers and from 2068 to 2070 for Rural Labourers.
- Fuel & Light: Interestingly, the index for Fuel & Light decreased from 1351 to 1342 for Agricultural Labourers and from 1342 to 1333 for Rural Labourers.
- Clothing, Bedding & Footwear: There was a small rise in this category, from 1296 to 1300 for Agricultural Labourers and from 1355 to 1361 for Rural Labourers.
- Miscellaneous: This category saw a slight increase, from 1339 to 1343 for Agricultural Labourers and from 1339 to 1344 for Rural Labourers.
These numbers are important as they help us understand the cost of living for agricultural and rural labourers. An increase in the CPI indicates that prices for everyday items and services are going up, which can affect the purchasing power of these workers. Higher inflation rates mean that these labourers need to spend more to maintain their standard of living.
