India's Retail Inflation Rises to 3.21% in February 2024
Synopsis
India's inflation rate has seen a notable rise to 3.21% in February 2024, according to the latest data. This shift reflects changes in essential vegetable prices and overall food inflation, prompting discussions on economic implications.
Key Takeaways
Current Inflation Rate: 3.21% for February 2024.
Comparison to January: Increased by 0.47% from January's 2.74%.
Vegetable Prices: Over 10% decline in key vegetables.
Food Inflation: Stands at 3.47% year-on-year.
Housing Inflation: Estimated at 2.12%.
New Delhi, March 12 (NationPress) The inflation rate in India, calculated using the latest Consumer Price Index (CPI) series with 2024 as the base year, rose to 3.21 percent for February in comparison to the same month last year, as per data released by the Ministry of Statistics on Thursday.
This marks an increase of 0.47 percent in CPI inflation for February compared to the adjusted figure of 2.74 percent for January, which is when the new series was introduced.
Notably, there was a decline of over 10 percent in the index for essential vegetables such as tomatoes, peas, and cauliflower in February relative to January.
In terms of overall food inflation for February compared year-on-year, it was recorded at 3.47 percent, while housing inflation stood at 2.12 percent.
The real-time price data is gathered from a selection of 1407 urban markets (including online platforms) and 1465 villages across all states and Union Territories by field staff from the Field Operations Division of the NSO, MoSPI, on a weekly basis. In February, prices were collected from 100 percent of rural and urban markets, with reported market-wise prices being 99.89 percent for rural markets and 99.78 percent for urban markets, according to the official statement.
The base for the Consumer Price Index has been updated from 2012 to 2024 utilizing the Household Consumption Expenditure Survey 2023-24 for the first time in January.
The Consumer Price Index (CPI) now with Base 2024=100, features an item basket and corresponding weights based on the Household Consumption Expenditure Survey 2023-24. This revision aims to improve the comprehensiveness and representativeness of the inflation measure, offering more detailed data to assist policymakers, financial institutions, businesses, and the public in making informed decisions, as stated by officials.
Point of View
Reflecting broader economic trends and consumer impacts. While some essential vegetable prices have dropped, overall food inflation remains a concern. Policymakers and economic analysts will need to closely monitor these trends to ensure stability and growth.
NationPress
20 Jun 2026
Frequently Asked Questions
What is the current inflation rate in India?
As of February 2024, India's inflation rate stands at 3.21% based on the new Consumer Price Index.
How does February's inflation compare to January?
February's inflation increased by 0.47% from the revised January figure of 2.74%.
What factors contributed to the inflation rise?
The rise in inflation can be attributed to overall food prices, despite a notable drop in key vegetable prices.
How are inflation figures calculated in India?
Inflation figures are calculated using data from 1407 urban markets and 1465 villages, collected weekly by field staff.
What is the significance of the CPI base revision?
The CPI base was revised from 2012 to 2024 to enhance the accuracy and representativeness of inflation measures.
