Relief from Inflation for Agricultural and Rural Workers
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New Delhi, Dec 9 (NationPress) The All-India Consumer Price Index for Agricultural Labourers (CPI-AL) and Rural Labourers (CPI-RL) for October has decreased to 5.96 per cent and 6 per cent, respectively, showing a decline from 7.08 per cent and 6.92 per cent in the same month last year, according to statistics released by the Ministry of Labour and Employment on Monday.
The inflation rates for agricultural and rural labourers in October are also lower than the corresponding rates from September 2024, which stood at 6.36 per cent for CPI-AL and 6.39 per cent for CPI-RL.
This reduction in inflation provides a much-needed respite for these vulnerable groups, who are often the most affected by rising prices. With lower inflation, they have more disposable income to purchase a broader array of goods, enhancing their quality of life. This decline occurs amid a rise in India’s overall retail price inflation, which hit 6.21 per cent in October due to increased prices of essential food items, particularly vegetables.
Interestingly, rural labourers are not as impacted by escalating vegetable prices seen in urban markets. Retail inflation has increased from 5.49 per cent recorded in September, attributed to a spike of 42.18 per cent in vegetable prices during October, following crop damage caused by the late withdrawal of the monsoon.
Last week, RBI Governor Shaktikanta Das remarked: “India’s growth narrative remains robust. Inflation is trending downwards, yet we must not ignore the significant risks that lie ahead. These risks should not be underestimated.”
The RBI Governor expressed optimism regarding the economic outlook, indicating that “the balance between inflation and growth is well positioned.”
On Friday, the Reserve Bank of India (RBI) reduced the cash reserve ratio (CRR) for banks by 0.5 per cent to make more funds accessible for lending, aiming to stimulate economic growth, while keeping the key policy repo rate unchanged at 6.5 per cent to monitor inflation. The CRR reduction is expected to inject Rs 1.16 lakh crore into the banking system, which will lower market interest rates.
