Retail Inflation for farm workers and rural labourers declines in August

Inflation for farm workers: Inflation rates for farm workers and rural labourers pretty much remained in a downward motion during August 2024. The inflation rate of the farm workers decreased to 5.96 percent, while that of rural labourers declined to 6.08 percent. The same as the July figures of 6.17 percent for farm workers and 6.20 percent for rural labourers, it shows an easy swing of the economic cycle for these groups.

In August, both All-India Consumer Price Index for Agricultural Labourers (CPI-AL) and Rural Labourers (CPI-RL) rose 7 points. CPI-AL stood at 1297 points while CPI-RL at 1309 points. To illustrate, in July, CPI-AL was at 1290 points and CPI-RL at 1302 points. These indices express the changes in levels of prices and cost of living confronting these workers.

In fact, inflation rates decline compared to the same period last year. For August 2023, the inflation rates for CPI-AL and CPI-RL stand at 7.37 percent and 7.12 percent, respectively. August 2024 shows the latest numbers of 5.96 percent and 6.08 percent, evidencing a relaxation in the pressure on household budgets of agricultural and rural labourers and very relieving in view of persistent economic distress.

There are many reasons for declining rates of inflation, such as seasonal fluctuations in agricultural output and price changes in necessary commodities. This shift is also well-suited for the working force in the agricultural sector, since it would correspondingly lead to increased purchasing power and stability in the rural economy.

The statement quoted the labour ministry that pointed out the fact that the inflation figures might go down further and that further reduction of inflation would promote better conditions for life in farm labourers and rural labourers. This is good news for many families dependent on agriculture, and it will provide a better environment as the sowing season approaches.