Consumer Price Index for Industrial Workers (2016=100) – March, 2023
The Consumer Price Index for Industrial Workers (CPI-IW) is an important economic indicator that measures changes in the price of goods and services consumed by industrial workers in India. The Labour Bureau, an attached office of the M/o Labour & Employment, compiles this index every month on the basis of retail prices collected from 317 markets spread over 88 industrially important centres in the country. The index is compiled for 88 centres and All-India and is released on the last working day of succeeding month. In this article, we will take a detailed look at the CPI-IW for March 2023, its components and the impact on the economy.
All-India CPI-IW for March, 2023
According to the latest data released by the Labour Bureau, the All-India CPI-IW for March, 2023 increased by 0.6 points and stood at 133.3 (one hundred thirty three point three). On 1-month percentage change, it increased by 0.45 per cent with respect to the previous month compared to an increase of 0.80 per cent recorded between corresponding months a year ago.
Components of the Index
The CPI-IW is made up of various components, with each component representing a particular group of goods and services. The major components of the index are Food, Clothing and Footwear, Housing, Fuel and Light, Pan, Tobacco and Intoxicants, Education, Medical Care, Transport and Communication, and Miscellaneous. Among these components, the maximum upward pressure in the current index came from the Fuel & Light group, which contributed 0.25 percentage points to the total change.
At the item level, Cooking Gas/LPG, Firewood and Chips, Hospital/Nursing Home Charges, Medicine Allopathic, Motor Cycle/Scooter Mopad, Toilet Soap, Toothpaste, Arhar Dal, Cow Milk, Dairy Milk, Fish Fresh, Pure Ghee, Apple, Banana, Cauliflower, Brinjal, Cabbage, Bitter Guard, French bean, Lemon, Peas, Cumin Seed/Jira, Cooked Meal are responsible for the rise in index. However, this increase was largely checked by Wheat Atta, Rice, Potato, Onion, Drum Stick, Lady Finger, Tomato, Grapes, Soyabean Oil, Sunflower Oil, Mustard Oil, Cotton Seed Oil, Poultry Chicken, Egg-Hen, etc. putting downward pressure on the index.
Centre Level Analysis
At the centre level, Ahmedabad recorded a maximum increase of 3.3 points followed by Jamshedpur and Gurugram with 3.2 and 3.1 points respectively. Among others, 3 centres recorded an increase between 2 to 2.9 points, 23 centres between 1 to 1.9 points and 43 centres between 0.1 to 0.9 points. On the contrary, Salem recorded a maximum decrease of 1.4 points followed by Tirunelveli and Tripura with 1.1 and 1 point respectively. Among others, 9 centers recorded a decrease between 0.1 to 0.9 points. The rest of the four centers’ index remained stationary.
Year-on-year inflation for the month stood at 5.79 per cent compared to 6.16 per cent for the previous month and 5.35 per cent during the corresponding month a year before. Similarly, Food inflation stood at 5.02 per cent against 6.13 per cent of the previous month and 6.27 per cent during the corresponding month a year ago.
Y-o-Y Inflation based on CPI-IW (Food and General)
All-India Group-wise CPI-IW for February, 2023 and March, 2023
|Sr. No.||Groups||February, 2023||March, 2023|
|I||Food & Beverages||131.5||131.7|
|II||Pan, Supari, Tobacco & Intoxicants||152.2||153.8|
|III||Clothing & Footwear||133.0||133.3|
|V||Fuel & Light||177.8||182.2|
CPI-IW: Groups Indices
The next issue of CPI-IW for the month of April, 2023 will be released on Wednesday, 31st May, 2023. The same will also be available on the office website www.labourbureau.gov.in.