Compared to increases of 29.2 percent the month before and 24.5 percent in December 2022, the Consumer Price Index (CPI)-based inflation jumped to 29.7 percent in December 2023 annually.
Between the first half of the current fiscal year 2023–2024 and the same period of the previous fiscal year, the average CPI was 28.79 percent as opposed to 25.02 percent. Monthly increases were 2.7% in December 2023 and 0.5 percent in December 2022, respectively, before it rose to 0.8 percent in December 2023.
In the first half of the current fiscal year 2023–24, the average CPI was 28.79 percent, up from 25.02 percent in the same period of the previous fiscal year. It grew to 0.8 percent in December 2023 on a month-over-month basis, up from a 0.5 percent increase in December 2022 and a 2.7 percent growth in the prior month.
In December 2023, the annual percentage rate of CPI inflation in Urban areas jumped to 30.9 percent, up from 21.6 percent in December 2022 and 30.4 percent the month before. Month over month, it climbed to 0.7 percent in December 2023 from a 0.3 percent gain in December 2022 and a 4.3 percent growth in the preceding month.
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In December 2023, the CPI inflation rate in rural areas jumped to 27.9 percent year over year, up from 27.5 percent in the previous month and 28.8 percent in December 2022. Compared to increases of 0.4 percent the month before and 0.7 percent the month before, it jumped to 1.0 percent in December 2023 on a month-over-month basis.
In December 2023, the YoY increase in the Wholesale Price Index (WPI) inflation was 27.3 percent, up from 26.4 percent the previous month and 27.1 percent the month before. On a month-over-month basis, there was no change in December 2023 compared to a 1.4 percent increase one month prior and a 0.7 percent reduction in the same month the previous year or December 2022.
Core Inflation (Trimmed)
Urban’s YoY growth in December 2023 was 23.3 percent, as measured by a 20 percent weighted trimmed mean, compared to 22.9 percent in December 2022 and 19.4 percent in December 2023. In terms of month-over-month growth, it grew by 0.3 percent in December 2023 compared to 0.1 percent in the previous month and 0.8 percent in the same month the previous year, that is, December 2022.
Utilizing a 20 percent weighted trimmed mean, rural areas had a YoY increase to 28.0 percent in December 2023 from 27.9 percent the month before and 26.4 percent in December 2022. Compared to increases of 0.5 percent in the previous month and 1.5 percent in the equivalent month of the previous year, December 2022, it grew to 0.7 percent on a MoM basis in December 2023.
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