The country missed its inflation target of 21 percent for the fiscal year 2023-24, achieving 23.41 percent against 29.18 percent in the previous year, 2022-23. Urban CPI inflation rose to 14.9 percent YoY in June 2024, compared to 14.3 percent in the previous month and 27.3 percent in June 2023. On an MoM basis, urban CPI increased by 0.6 percent in June 2024, following a 2.8 percent decrease in the previous month and a 0.1 percent increase in June 2023.
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Rural CPI inflation rose to 9.3 percent YoY in June 2024, compared to 8.2 percent in the previous month and 32.4 percent in June 2023. On an MoM basis, rural CPI increased by 0.3 percent in June 2024, after a 3.9 percent decrease in the previous month and a 0.8 percent decrease in June 2023.
The Sensitive Price Index (SPI) inflation increased to 16.6 percent YoY in June 2024, up from 15.3 percent in the previous month and 34.9 percent in June 2023. On an MoM basis, SPI inflation rose by 1.33 percent in June 2024, following a 4.0 percent decrease in the previous month and a 0.2 percent increase in June 2023.
Wholesale Price Index (WPI) inflation increased to 10.6 percent YoY in June 2024, up from 9.9 percent in the previous month and 22.4 percent in June 2023. On an MoM basis, WPI inflation rose by 0.4 percent in June 2024, following a 2.5 percent decrease in the previous month and a 0.3 percent decrease in June 2023.
Core Inflation (Non-Food, Non-Energy)
- Urban core inflation rose to 12.2 percent YoY in June 2024, compared to 12.3 percent in the previous month and 18.5 percent in June 2023. On an MoM basis, it increased by 0.6 percent in June 2024, following a 0.4 percent increase in the previous month and a 0.7 percent increase in June 2023.
- Rural core inflation remained steady at 17.0 percent YoY in June 2024, the same as the previous month but down from 25.2 percent in June 2023. On an MoM basis, it rose by 0.9 percent in June 2024, following a 0.5 percent increase in the previous month and a 0.9 percent increase in June 2023.
Core Inflation (Trimmed)
- Urban core inflation measured by a 20 percent weighted trimmed mean rose to 10.3 percent YoY in June 2024, compared to 11.0 percent in the previous month and 22.9 percent in June 2023. On an MoM basis, it increased by 0.6 percent in June 2024, following a 0.5 percent decrease in the previous month and a 0.8 percent increase in June 2023.
- Rural core inflation measured by a 20 percent weighted trimmed mean rose to 11.0 percent YoY in June 2024, compared to 10.6 percent in the previous month and 29.9 percent in June 2023. On an MoM basis, it increased by 0.5 percent in June 2024, following a 0.9 percent decrease in the previous month and a 0.1 percent increase in June 2023.
