Has the Inflation Burden Eased for India’s Farmers and Rural Workers in September?

Synopsis
Key Takeaways
- Inflation for agricultural labourers is at -0.07% in September.
- Rural labourers recorded an inflation rate of 0.31%.
- Consumer Price Index for agricultural labourers decreased to 136.23.
- Consumer Price Index for rural labourers fell to 136.42.
- Changes in methodology improve the robustness of inflation calculations.
New Delhi, Oct 18 (NationPress) The year-on-year inflation rate for agricultural labourers and rural workers was recorded at -0.07 percent and 0.31 percent, respectively, in September, according to data released by the Ministry of Labour and Employment on Saturday.
The All-India Consumer Price Index for agricultural labourers saw a decline of 0.11 points, settling at 136.23, while the index for rural workers fell by 0.18 points, reaching 136.42.
The Food Index experienced a decrease of 0.47 points for agricultural labourers and 0.58 points for rural workers in September, as per the data.
The Labour Bureau disclosed the Consumer Price Index figures for agricultural and rural labourers, using the base year 2019=100 for the month of September.
These indices are compiled from data gathered from 787 sample villages across 34 states/UTs.
The revised series significantly broadens the scope and coverage, incorporating numerous methodological changes to enhance the robustness of the indices. For instance, the weighting diagrams (share of expenditure to total expenditure) have been updated due to altered consumption patterns.
The Geometric Mean is now utilized instead of the Arithmetic Mean, as it helps moderate price volatility, along with the latest classification of consumption according to purpose, aligning with the Classification of Individual Consumption by Purpose (COICOP)-2018.
Simultaneously, India’s annual inflation rate based on the Wholesale Price Index (WPI) has decreased to 0.13 percent in September, down from 0.52 percent in August, according to figures from the Ministry of Commerce and Industry.
The nation’s inflation rate, as indicated by the consumer price index (CPI), has dropped to an over eight-year low of 1.54 percent in September this year, compared to the same month last year, as food and fuel prices saw a decline during the month.