Consumer Price Index (CPI) - Milk and products

Consumer Price Index (CPI)

Milk And Products
151.5

March 2020

   6.47% (YoY)
+ 0.46% (MoM)
Previous Value: 150.8 (Feb 2020)


CPI - Milk And Products
Monthly Trend

MONTH
INDEX
YoY CHANGE
Mar 2020
151.5
6.47%
Feb 2020
150.8
6.05%
Jan 2020
150.1
5.63%
Dec 2019
148.3
4.36%
Nov 2019
146.7
3.46%
Oct 2019
146.2
3.10%
(Base 2012=100)

Chart of Current CPI - Milk and products Index

Select Range:
Source: MOSPI

CPI - Milk and products

The Consumer Price Index (CPI) for Milk and products in March 2020 rose by 6.47% (YoY)

from an year ago.

According to data released by the Central Statistics Office, the country's CPI for Milk and products in Mar 2020 was pegged at 151.5, compared to 142.3 reported in the corresponding period last year. The CPI in Mar 2020 for urban areas was 151.1 and for the rural areas was 151.1.

This months CPI figure represents a jump of 0.46% (MoM) since last month, as CPI(Combined) for Feb 2020 stood at 150.8.


What does CPI - Milk and products signify?

Let us assume that a basket of goods and services; in this case, Milk and products was costing Rs. 100.00 in 2012 (Base Year).

Consumer Price Index (CPI) informs us that, the same basket of goods and services i.e. Milk and products

was costing Rs. 104.40 in Jan 2013
was costing Rs. 114.10 in Jan 2014
was costing Rs. 125.00 in Jan 2015
was costing Rs. 129.90 in Jan 2016
was costing Rs. 135.40 in Jan 2017
was costing Rs. 141.10 in Jan 2018
was costing Rs. 142.10 in Jan 2019
was costing Rs. 150.10 in Jan 2020
was costing Rs. 151.50 in Mar 2020

Consumer Price Index (CPI) Weightage
Milk and products

Milk and products is a sub-group of Food and beverages. In the calculation of Consumer Price Index, Milk and products has the following weightage:

Index Rural Urban Combined
Milk and products 7.72% 5.33% 6.61%
Milk and products sub-group also forms part in the calculation of Consumer Food Price Index , having following weightage:

Index Rural Urban Combined
Milk and products 16.34% 17.98% 16.92%

Historical Consumer Price Index Trend

 
Historical Graph

  • Inflation is as violent as a mugger, as frightening as an armed robber and as deadly as a hit man.

  • ~ Ronald Reagan


What is Consumer Price Index (CPI)?

A Consumer Price Index (CPI) is designed to measure the changes over time in general level of retail prices of selected goods and services that households purchase for the purpose of consumption. Such changes affect the real purchasing power of consumers’ income and their welfare. The CPI measures price changes by comparing, through time, the cost of a fixed basket of commodities.

The basket is based on the expenditures of a target population in a certain reference period. Since the basket contains commodities of unchanging or equivalent quantity and quality, the index reflects only pure price.

The annual percentage change in a CPI is used as a measure of inflation.

Over the years, CPIs have been widely used as a macroeconomic indicator of inflation, and also as a tool by Government and Central Bank for targeting inflation and monitoring price stability. CPI is also used as deflators in the National Accounts. Therefore, CPI is considered as one of the most important economic indicators.


Consumer Price Index in India

In India, the Consumer Price Index is calculated on a monthly basis and is released every month at 5.30 p.m. on 12th day of the following month. If it is a holiday, then it is released on the next working day. All-India CPIs (Rural, Urban, Combined) along with inflation rates for Sub-group, Group, CFPI and General Index (All-Groups) are released through a Press Note and are also uploaded on the website of the Ministry of Statistics and Programme Implementation.

Items are first classified, organised and coded according to Groups, Sub Groups and Categories. Then a Weighing Diagram is prepared. Weighing diagram gives the share of each item in the total consumption expenditure in a Consumer Expenditure Survey(CES). For calculation of Consumer Price Index (CPI), prices are collected from 1181 village markets covering all districts and 1114 urban markets distributed over 310 towns of the country. The elementary/item indices are then computed using Geometric Mean (GM) of the Price Relatives of Current Prices with respect to Base Prices of different markets in consonance with the international practice.

For current series of CPI, the base year has been taken as 2012. The basket of items and their weighing diagrams have been prepared using the Modified Mixed Reference Period (MMRP8) data of Consumer Expenditure Survey (CES), 2011-12, which is 68th Round of National Sample Survey (NSS).


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Consumer Price Index

Detailed Monthly Data

Current & Historical Month-wise listing of Data of all Groups/Sub-Groups of CPI.

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Historical Consumer Price Index

Select Month
Milk and products
Consumer Price Index
(Combined)
Consumer Price Index
(Rural)
Consumer Price Index
(Urban)

(Base 2012=100)

Consumer Price Index

Items Basket

Explore the All-India Sub-group/Group Weights Table.

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DATE INDEX CHANGE
Mar 2020 151.5   0.7
Feb 2020 150.8   0.7
Jan 2020 150.1   1.8
Dec 2019 148.3   1.6
Nov 2019 146.7   0.5
Oct 2019 146.2   0.8
Sep 2019 145.4   0.7
Aug 2019 144.7   0.7
Jul 2019 144.0   0.7
Jun 2019 143.3   0.8
May 2019 142.5   0.3
Apr 2019 142.2   0.1
Mar 2019 142.3   0.1
Feb 2019 142.2   0.1
Jan 2019 142.1   0.0
Dec 2018 142.1   0.3
Nov 2018 141.8   0.0
Oct 2018 141.8   1.1