Inflation

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Inflation refers to the rise in the prices of most goods and services of daily use, such as food, housing, clothing, etc. It is the average change of price in a basket of commodities and services over time. Measured in percentage, it indicates the purchasing power of the currency of a country. In India, the Union government is responsible for the smooth functioning of economy. Here, the Ministry of Statistics and Programme Implementation measures inflation. Inflation is primarily measured by two main indices — WPI (Wholesale Price Index) and CPI (Consumer Price Index), which measure wholesale and retail-level price changes, respectively. Generally, high demand and low production or excess circulation of money causes inflation. Different persons have different perceptions of inflation based on their economic role. The government and RBI regularly implement measures to bring the inflation in accordance with public well-being.


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