CPI for factory workers eases to two-year low of 6.73% in Feb

Tags: CPI, Economy
Retail inflation for industrial workers eased to a two year low of 6.73 per cent in February due to softening of prices of food items.

"The year-on-year inflation measured by monthly Consumer Price Index for Industrial workers (CPI-IW) stood at 6.73 per cent for February, 2014, as compared to 7.24 per cent for the previous month and 12.06 per cent during the corresponding month of the previous year," a Labour Ministry statement said.

The previous low of retail inflation for factory workers was recorded at 5.32 per cent in January 2012.

The statement said the food inflation stood at 7.56 per cent in February, 2014, against 8.94 per cent of the previous month and 14.98 per cent during the corresponding month of the previous year.

According to the press release, the All-India CPI-IW for February increased by 1 point and was pegged at 238 points. On 1-month percentage change, it increased by 0.42 per cent between January and February this year compared with the rise of 0.90 per cent between the same two months of 2013.

The largest upward pressure to the change in current index came from miscellaneous group contributing 0.34 percentage points to the total change.

At item level, Rice, Wheat, Moong Dal, Fish Fresh, Goat Meat, Milk (Cow & Buffalo), Pure Ghee, Medicine, Barber Charges, etc. Are responsible for the increase in index.

However, this increase was restricted to some extent by Arhar Dal, Ground Nut Oil, Onion, Vegetable & Fruit items, Sugar etc. Which showed a decline.

At centre level, Quilon recorded the highest increase of 9 points each followed by Tiruchirapally & Conoor (6 Points each) and Lucknow (5 points).

Among others, 4 points rise was registered in 3 centres, 3 points in 2 centres, 2 points in 8 centres and 1 point in 10 centres.

On the contrary, Chhindwara reported a decline of 5 points followed by Rourkela & Ajmer (4 points each).

As many as six centres registered a decline of 3 points each, 10 centres recorded decline of 2 points each and 12 centres one point each. Indices for rest of the 20 centres remained stationary.

The indices of 36 centres are above All-India Index and other 42 centres’ indices below national average. The index of Bhilwara centre remained at par with all-India index.

The Centre determines the rate of dearness allowance for its employees and pensioners based on the last 12-month average of CPI-IW index. The DA quantum is revised twice in a year, and is effected from January 1 and July 1.

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