India’s Consumer Price Index (CPI) inflation rate for August 2024 has fallen to 3.65%, marking the second lowest rate in the last five years. The corresponding inflation rates for rural and urban areas stood at 4.16% and 3.14%, respectively.
The decline in inflation was notably observed in the subgroups of ‘Spices’, ‘Meat and Fish’, and ‘Pulses and Products’. The year-on-year food inflation rate based on the All India Consumer Food Price Index (CFPI) was recorded at 5.66% for August 2024, with rural and urban food inflation at 6.02% and 4.99%, respectively. This is the second lowest food inflation rate since June 2023.
Among individual items, ‘tomato’ exhibited the lowest year-on-year inflation at -47.91%, along with the lowest month-on-month change in the index at -28.8%.
All India Inflation Rates (August 2024 over August 2023)
- CPI (General):
- Rural: 4.16%
- Urban: 3.14%
- Combined: 3.65%
- CFPI:
- Rural: 6.02%
- Urban: 4.99%
- Combined: 5.66%
Monthly Changes in Indices (August 2024 over July 2024)
- CPI (General):
- Rural: 0.05%
- Urban: 0.00%
- Combined: 0.00%
- CFPI:
- Rural: -0.25%
- Urban: -0.90%
- Combined: -0.44%
The MoSPI collected price data from 1,114 urban markets and 1,181 villages across all states and union territories through personal visits by field staff of the Field Operations Division. The response rate for August 2024 was 100% for villages and 98.6% for urban markets.