- Retail inflation, measured as the Consumer Price Index (CPI), rose to 7.0% for the month of August 2022.
- For the eighth consecutive month, it was above the upper limit (6%) prescribed by the Reserve Bank of India (RBI).
- The retail inflation for August 2022 was higher compared to 6.71% for the previous month (July 2022).
- Inflation in the food basket was measured at 7.62% in August 2022, which was higher in comparison to 6.69% in July 2022 and 3.11% in August 2021. This is being seen as the main reason behind the spike in inflation.
- The rate of price rise was more than 10% in the case of vegetables (13.23%), spices (14.9%), footwear (9.91%), and fuel & light on an annual basis.
- CPI is used to calculate retail inflation in India. It is measured by the National Statistical Office (NSO), under MoSPI.
- CPI evaluates the changes in the price of a common basket of goods and services by comparing it with the prices in the corresponding period in the previous year.
Question:
Q.1 Retail inflation for August 2022 was recorded at?a. 5%
b. 6%
c. 7%
d. 8%
