AICPIN stands for the All India Consumer Price Index Number applicable for Industrial workers and AICPIN for August 2024 released on 01.10.2024. It is an index that measures the changes in the price level of a basket of consumer goods and services purchased by households.
The AICPIN is used to monitor inflation in India and is published monthly by the Labour Bureau of the Ministry of Labour and Employment. The index is essential for various economic purposes, including adjusting wages, pensions, and other payments to account for inflation.
It helps in understanding the cost of living and the purchasing power of the rupee over time. The AICPIN is used by policy makers, businesses, and researchers to analyze economic trends and make informed decisions.
AICPIN Table
The AICPIN table presents monthly inflation figures, and with this, you and me may know the variations in the cost of living, So, let’s check the values month wise in the table
| Month / Year | New CPIN | AICPIN Increase / Decrease | Old CPI | Increase /Decrease |
|---|---|---|---|---|
| August 2024 | 142.6 | -0.1 | 410.688 | -0.288 |
| July 2024 | 142.7 | 1.3 | 410.976 | 3.74 |
| June-2024 | 141.4 | 1.5 | 407.232 | 4.32 |
| May-2024 | 139.9 | 0.5 | 402.912 | 1.44 |
| April-2024 | 139.4 | 0.5 | 401.472 | 1.44 |
| March 2024 | 138.9 | -0.3 | 400.032 | -0.864 |
| February 2024 | 139.2 | 0.3 | 400.896 | 0.864 |
| January 2024 | 138.9 | 0.1 | 400.032 | 0.288 |
Expected AICPIN September 2024
The expected AICPIN for September 2024 is 143.8 as anticipated to reflect minor fluctuations compared to the previous month, and the Labour Bureau will release the exact value at the end of the month based on collected retail prices, which will play the 100% role in calculation of confirmed CDA rates and PSU IDA rates along with most required expected IDA before the announcement of 3rd month price index numbers.
How to Find Consumer Price Index Number
Finding the Consumer Price Index (CPI) number involves several steps:
- Base Year: Assume the base year is 2016 and the base year index is 100.
- Basket of Goods: Assume the basket includes items like rice, wheat, clothing, housing rent, etc.
- Data Collection: Collect prices from markets across India for each item.
- Price Relatives: Calculate the price relatives for each item.
- Weighting: Assign weights to each item based on expenditure patterns.
- Index Calculation: Use the formula to compute the AICPIN.
AICPIN Calculator
The Formula to Calculate AICPIN is as below with an example for easy understanding, Let’s check
AICPIN=(Price Relative×Weight)/(Weight)
Example Values for AICPIN Calculation
Item: Rice
- Current Price: ₹40/kg
- Base Year Price: ₹30/kg
- Weight: 0.20
Price Relative: (40/30)×100=133.33
Item: Wheat
- Current Price: ₹25/kg
- Base Year Price: ₹20/kg
- Weight: 0.15
Price Relative: (25/20)×100=125
Item: Clothing
- Current Price: ₹500/unit
- Base Year Price: ₹400/unit
- Weight: 0.10
Price Relative: (500/400)×100=125
Consumer Price Index Calculation formula
AICPIN=[(133.33×0.20)+(125×0.15)+(125×0.10)]/0.20+0.15+0.10=26.67+18.75+12.500.45=129.33
This simplified example shows how the AICPIN is calculated. The actual process involves a larger basket of goods and a more comprehensive data collection process.
For more detailed and official information, you can refer to the Labour Bureau and publications from the Ministry of Labour and Employment.
Labour Bureau Calender for Release of CPI Numbers
The Labour Bureau’s calendar of events as mentioned below for the release of Consumer Price Index (CPI) numbers outlines key dates for the publication of inflation statistics.
| CPI Month | AICPI-IW Release Date | CPI Numbers for Agricultural & Rural Labourers Release Date |
|---|---|---|
| January 2024 | 29-02-2024 | 20-02-2024 |
| February 2024 | 28-03-2024 | 20-03-2024 |
| March 2024 | 30-04-2024 | 19-04-2024 |
| April 2024 | 31-05-2024 | 20-05-2024 |
| May 2024 | 28-06-2024 | 20-06-2024 |
| June 2024 | 31-07-2024 | 19-07-2024 |
| July 2024 | 30-08-2024 | 20-08-2024 |
| August 2024 | 30-09-2024 | 20-09-2024 |
| September 2024 | 30-10-2024 | 18-10-2024 |
| October 2024 | 29-11-2024 | 20-11-2024 |
| November 2024 | 31-12-2024 | 20-12-2024 |
| December 2024 | 31-12-2024 | 20-01-2024 |
These above dates are crucial for tracking changes in the cost of living and economic conditions. The calendar helps the release of updated All India Consumer Price Index (CPI) data for August 2024 and assess its impact on financial and policy decisions.