Consumer Price Index (CPI), or retail inflation, for the month of January stood at 3.17% said Ministry of Statistics and Programme Implementation (MOSPI) on Monday. 

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In the month of December, CPI had eased to 3.41%, which was below the Reserve Bank of India's March-end 2017 target of 5% and medium-term target of 4%.

The Rural CPI for the month of January stood at 3.36%, while the Urban CPI stood at 2.9%.

All India Inflation rates (%) based on CPI (General) and CFPI

Indices

January 2017 (Prov.)

December 2016 (Final)

January 2016 (Final)

Rural

Urban

Combd.

Rural

Urban

Combd.

Rural

Urban

Combd.

CPI (General)

3.36

2.90

3.17

3.83

2.90

3.41

6.48

4.81

5.69

CFPI

1.07

-0.31

0.53

2.06

0.15

1.37

6.93

6.50

6.85

Notes: Prov.  – Provisional, Combd. - Combined

Consumer Food Price Index (CFPI) for the month of January stood at 0.53%.

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The prices of vegetables and pulses declined the most during the month of January from December.

Monthly changes (%) in All India CPI (General) and CFPI: Jan. 2017 over Dec. 2016

Indices

Rural

Urban

Combined

Index Value

% Change

Index Value

% Change

Index Value

% Change

Jan.17

Dec.16

Jan.17

Dec.16

Jan.17

Dec.16

CPI (General)

132.4

132.8

-0.30

127.8

127.6

0.16

130.3

130.4

-0.08

CFPI

132.5

133.9

-1.05

130.6

131.6

-0.76

131.8

133.1

-0.98

Note: Figures of January 2017 are provisional.

According to a Bloomberg poll, analysts had predicted CPI to be at 3.24% from 3.41% a month before. However, a Reuters poll of 26 economists estimated the inflation to be slowed to 3.22% in January, which would be the lowest in the index's five-year history.

Since November, when in a surprise move, the government had ban Rs 500 and Rs 1000 notes,  the consumer price inflation has been below 4%. 

During April-December, retail inflation averaged 4.9% and displayed a downward trend since July when it became apparent that kharif agricultural production in general, and pulses in particular would be bountiful, the Economic Survey for 2016-17 had stated.