Retail inflation for industrial workers drops 65 pc YoY in August

New Delhi: Retail inflation for industrial workers stood at 2.44 per cent in the month of August, as compared to 6.91 per cent in the same month last year – a significant decrease of about 65 per cent (year-on-year) -- according to the latest data released by the Labour Ministry on Tuesday.

The all-India Consumer Price Index-Industrial Workers (CPI-IW) for August decreased by 0.1 points, and stood at 142.6.

In July, the all-India CPI-IW stood at 142.7, from 141.4 in June.

The latest retail inflation data for industrial workers has been compiled on the basis of retail prices collected from 317 markets spread over 88 industrially important centres in the country, according to the ministry.

The fuel and light, housing and clothing and footwear segments almost remained flat in August as compared to July. The food and beverages group decreased to 149.7 in August from 150.4 in July.

The CPI-IW has been steadily declining since February this year and was 3.87 per cent in April.

Meanwhile, the retail inflation rate for farm and rural workers fell to 5.96 per cent and 6.08 per cent, respectively, in August, compared to 6.17 per cent and 6.20 per cent in July.

According to the government data, the All-India Consumer Price Index for Agricultural Labourers (CPI-AL) and Rural Labourers (CPI-RL) registered an increase of 7 points each in August, reaching levels of 1,297 and 1,309, respectively. Last week, the Centre announced an increase in the minimum wage rates by revising the Variable Dearness Allowance (VDA), in a bid to help workers cope with the rising cost of living.

The move will support workers, particularly those in the unorganised sector. Those engaged in various sectors, including building construction, loading and unloading, watch and ward, sweeping, cleaning, housekeeping, mining, and agriculture within central sphere establishments, will benefit from the new wage rates that took effect from October 1.