Retail Inflation: Shock to the common man, retail inflation reached a record level of 8 months

Know how the rate of retail inflation is determined? What is the role of CD, tape recorder, audio cassette

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new Delhi. Retail inflation rose to an 8-month high in February on the back of a rise in food prices. The rise in global crude oil prices has also played an important role in the rise in retail inflation. The rise in crude and commodity prices has increased the cost of production, which has led to skyrocketing retail inflation.

But, do you know how the rate of retail inflation in the country is determined? Actually, it consists of crude oil, commodity prices, cost of production besides many other things, whose role is important in deciding the rate of retail inflation. There are about 299 items, on the basis of whose prices the rate of retail inflation is decided.

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The rate is decided by the items which are not used.
There are many items that we no longer use. Despite this, the prices of these decades-old goods are included in determining the rate of retail inflation. One of the officials involved in fixing the rate of inflation based on retail prices (CPI) said that these decades-old items have no meaning in the calculation of CPI. 10-12 percent of these items are such, which we do not even use.

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Then what is the role of CD, audio cassette and nokia phone
We no longer use items like CDs, audio cassettes and Nokia phones, the official said. Nevertheless, their prices are used to determine the rate of retail inflation. These items are included in those 10-12 percent of the products, which are inactive i.e. which are not being used. These items also include cable TV connections, VCD or DVD rentals, CDs, DVDs, audio-video cassettes, two-in-one radios and tape recorders.

Tags: inflation, RBI

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