On January 13th, 2025, the Ministry of Statistics and Programme Implementation (MoSPI) released the Consumer Price Index (CPI) numbers for December 2024, based on the 2012 base year. The report provides valuable insights into inflation trends across rural, urban, and combined sectors.
Below are the key highlights and trends for December 2024.
Key Highlights of CPI Report for December 2024:
Year-on-Year Inflation (CPI-Overall):
- The All India Consumer Price Index (CPI) inflation rate for December 2024 compared to December 2023 is 5.22% (provisional).
- Rural inflation stands at 5.76%, while urban inflation is slightly lower at 4.58%.
Consumer Food Price Index (CFPI):
- The All India CFPI inflation for December 2024, compared to December 2023, is recorded at 8.39% (provisional).
- Rural food inflation is higher at 8.65%, while urban food inflation is 7.90%.
Housing Inflation:
- The housing inflation rate for December 2024 is 2.71%, a slight decrease from 2.87% in November 2024.
- Housing index data is compiled only for the urban sector.
Decline in Inflation for Certain Categories:
- A significant decrease in inflation was observed in the following sectors:
- Vegetables
- Pulses & Products
- Sugar and Confectionary
- Personal Care & Effects
- Cereals and Products
Top 5 Items with Highest Inflation:
- Peas (Vegetables): 89.12%
- Potato: 68.23%
- Garlic: 58.17%
- Coconut Oil: 45.41%
- Cauliflower: 39.42%
Items with the Lowest Inflation:
- Jeera: -34.69%
- Ginger: -22.93%
- Dry Chillies: -10.32%
- LPG (excluding conveyance): -9.29%
Inflation Trends in 2024:
- After December 2023, inflation rates for both CPI (General) and CFPI declined steadily until May 2024. The CPI (General) reached its lowest point in July 2024. However, December 2024 saw the lowest inflation rates for both CPI and food inflation in the last four months.
Market Data Collection:
- Data for the CPI report is collected from 1,114 urban markets and 1,181 rural villages across India.
- In December 2024, the NSO successfully gathered data from 99.9% of rural villages and 98.6% of urban markets, with 89.5% of rural markets and 93.15% of urban markets reporting price data.
Next CPI Release:
- The CPI report for January 2025 will be released on February 12, 2025.
For more detailed data, please visit the Ministry’s official websites:
- CPI Data Website www.cpi.mospi.gov.in
- E-Sankhyiki Website esankhyiki.mospi.gov.in
List of Annexes in the CPI Report:
Annex V: Time Series Data for All India General CPI (Base 2012=100) Since January 2013.
Conclusion:
The December 2024 CPI report highlights a mix of trends across different sectors, with some food items continuing to experience high inflation, while others show significant price declines. Overall, CPI inflation and food inflation have marked a downturn, with December 2024 reflecting the lowest inflation in several months. As we move into the new year, it will be interesting to track how inflation evolves, with the next report slated for February 12, 2025.
