Context:
Consumer Price Index numbers on base 2012=100 for rural, urban and combined for May 2024.
Relevance:
Facts for Prelims
About the Consumer Food Price Index (CFPI):
- Definition: The Consumer Food Price Index (CFPI) measures the change in retail prices of food items consumed by the population.
- Purpose: It is a specific measure of inflation focusing solely on the price changes of food items in a consumer’s basket of goods and services.
- Usage: The CFPI is a sub-component of the broader Consumer Price Index (CPI) and is utilized by the Reserve Bank of India (RBI) to monitor inflation.
- Release: The Central Statistics Office (CSO), under the Ministry of Statistics and Programme Implementation (MOSPI), began releasing CFPI data for three categories—rural, urban, and combined—separately on an all-India basis from May 2014.
- Methodology: Similar to the Consumer Price Index (CPI), the CFPI is calculated monthly using the same methodology.
- The current base year used is 2012.
- The CSO revised the base year for CPI and CFPI from 2010 to 2012 in January 2015.
