New Delhi, Feb 24 (IANS) The CPI inflation rates for Agricultural Labourers (CPI-AL) and Rural Labourers (CPI-RL) for the month of January this year declined to 4.61 per cent and 4.73 per cent, respectively, from the corresponding figures of 7.52 per cent and 7.37 per cent in January 2024, according to figures released by the Ministry of Labour on Monday.
The easing of the price spiral was also indicated in comparison to the previous month of December 2024. in which the CPI inflation for agricultural workers was recorded at 5.01 per cent and for rural labour at 5.05 per cent.
The inflation for agricultural and rural labourers has been steadily declining over the last five months. This comes as a welcome relief for these vulnerable segments that are hit hardest by spiralling prices. It also leaves more money in their hands to buy a wider range of goods, leading to a better lifestyle.
The decline in inflation for farm and rural workers also comes against the backdrop of a fall in the country’s overall retail inflation to a 5-month low of 4.31 per cent in January as prices of vegetables and pulses eased during the month.
The easing of inflation reflects a steadily declining trend after having touched a 14-month high of 6.21 per cent in October. CPI inflation had declined to 5.48 per cent in November and 5.22 per cent in December.
The food inflation at 6.02 per cent in January 2025 is the lowest after August 2024.
“The significant decline in headline inflation and food inflation during the month of January is mainly attributed to a decline in inflation of vegetables, egg, pulses, cereals, education, clothing and health,” a Ministry statement said.
The year-on-year fuel & light inflation rate for the month of January is (-)1.38 per cent. The corresponding inflation rate for the month of December 2024 was (-)1.33 per cent as fuel prices have been coming down.
RBI Governor Sanjay Malhotra announced a 25 basis cut in the policy rate from 6.5 per cent to 6.25 per cent in the latest monetary policy review to accelerate growth amid global uncertainties.
He said that inflation has declined and is expected to further moderate and gradually align with the RBI’s target.
The monetary policy decision maintains a delicate balance between controlling inflation and pushing up the growth rate in a slowing economy,
The MPC also unanimously decided to continue with its neutral stance in monetary policy and will focus on inflation while supporting growth. This would provide flexibility to respond to the macroeconomic environment, Malhotra said.
Now with the retail inflation continuing with its downward trend, the RBI will have more headroom to follow a soft money policy to increase the flow of credit to businesses and consumers to fuel aggregate demand and propel economic growth.
–IANS
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