07 February 2024
Author: Amsal Kasbati
Economy & Inflation Quick Commentary - EIQC 307
Background
This refers to EIQC 300 of 11.1.24 (in trail, blue, italic and after double line) about December 2023 Inflation & Your Products' Prices Fixation.
Updated Commentary
Further to KQU 2651 of 6.2.24, being an Important matter, we would inform you about Monthly Price Indices for January 2024 (Attachment 307.1).
1. CPI inflation General, increased to 28.3% on a Year-on-Year (YoY) basis in January 2024 as compared to an increase of 29.7% in the previous month and 27.6% in January 2023. On a Month-on-Month (MoM) basis, it increased to 1.8% in January 2024 as compared to an increase of 0.8% in the previous month and an increase of 2.9% in January 2023.
2. CPI inflation Urban, increased to 30.2% on a YoY basis in January 2024 as compared to an increase of 30.9% in the previous month and 24.4% in January 2023. On a MoM basis, it increased to 1.8% in January 2024 as compared to an increase of 0.7% in the previous month and an increase of 2.4% in January 2023.
3. CPI inflation Rural, increased to 25.7% on a YoY basis in January 2024 as compared to an increase of 27.9% in the previous month and 32.3% in January 2023. On a MoM basis, it increased to 1.9% in January 2024 as compared to an increase of 1% in the previous month and an increase of 3.6% in January 2023.
4. SPI inflation on a YoY increased to 36.2% in January 2024 as compared to an increase of 35.3% a month earlier and 30.5% in January 2023. On a MoM basis, it increased by 2% in January 2024 as compared to an increase of 3.8% a month earlier and an increase of 1.3% in January 2023.
5. WPI inflation on a YoY basis increased to 27% in January 2024 as compared to an increase of 27.3% a month earlier and an increase of 28.5% in January 2023. On a MoM basis, it increased by 1.5% in January 2024 as no change was observed a month earlier and an increase of 1.8% in January 2023.
6. An Interesting Table of Content is given below of January 2024 Price Indices detailed booklet
Areas | Document Pg # |
Inflation in Brief | 3 |
Table 1.a General Inflation (%) (Base 2015-16) from April 2022 to January 2024 | 3 |
Core inflation of Non-food non-energy (NFNE) & (Trimmed) | 4 |
Table 1.b Core Inflation (%) (Base 2015-16) from January 2023 to January 2024 | 4 |
Table 1.1 Period Average and Y-o-Y % Change | 4 |
Figure 1: Urban Inflation - YoY, Special Indices from January 2023 to January 2024 | 5 |
Figure 2: Rural Inflation - YoY, Special Indices from January 2023 to January 2024 | 5 |
Figure 3: UCPI Inflation - Month over Month (MoM), Special Indices from January 2023 to January 2024 | 6 |
Figure 4: RPI Inflation - MoM, Special Indices from January 2023 to January 2024 | 6 |
Figure 5: CPI YoY (National, Urban, Rural) from January 2023 to January 2024 | 7 |
Figure 6: CPI MoM (National, Urban, Rural) from January 2023 to January 2024 | 7 |
National Consumer Price Index (N-CPI) | 8 |
Table 1: Consumer Price Index ( | 8 |
Urban Consumer Price Index (UCPI) | 9 |
Table 2: Consumer Price Index (Urban) by Group of Commodities and Services (Base 2015-16) (a) Indices of January 2024, January 2024 and January 2023 (b) % Change in January 2024 over January 2024 and January 2023 (c) Impact (in % Points) January 2024 over January 2024 and January 2023 | 9 |
Rural Consumer Price Index (RCPI) | 10 |
Table 3: Consumer Price Index (Rural) by Group of Commodities and Services (Base 2015-16) (a) Indices of January 2024, January 2024 and January 2023 (b) % Change in January 2024 over January 2024 and January 2023 (c) Impact (in % Points) January 2024 over January 2024 and January 2023 | 10 |
Sensitive Price Indicator (SPI) | 11 |
Table 4: Sensitive Price Indicator (Base 2015-16) (a) Indices of January 2024, January 2024 and January 2023 (b) % Change January 2024 over January 2024 and January 2023 | 11 |
Table 4.1: Weekly % age Change of SPI During December – 2023 | 11 |
Figure 7: SPI Inflation Trend for Lower Quintile from January 2023 to January 2024 | 11 |
Wholesale Price Index (WPI) | 12 |
Table 5: Wholesale Price Index by Group of Commodities (Base 2015-16) (a) Indices of January 2024, January 2024 and January 2023 (b) % Change in January 2024 over January 2024 and January 2023 (c) Impact (in % Points) January 2024 over January 2024 and January 2023 | 12 |
Figure 8: WPI Inflation Trends from January 2023 to January 2024 | 12 |
Annexure A: CPI (Urban) Index Numbers by Commodity Groups & Commodities (a) Index Numbers of January 2024, January 2024 and January 2023 (b) % Change in January 2024 over January 2024 and January 2023 | 13-14 |
Annexure B: CPI (Rural) Index Numbers by Commodity Groups & Commodities (a) Index Numbers of January 2024, January 2024 and January 2023 (b) % Change in January 2024 over January 2024 and January 2023 | 15-16 |
Annexure C: Wholesale Price Indices by Major Groups & Commodities (a) Index Numbers of January 2024, January 2024 and January 2023 (b) % Change in January 2024 over January 2024 and January 2023 | 17-18 |
Further Details & Services
Should you require any clarification or explanations in respect of the above or otherwise, please feel free to email Mr Amsal at amsal@786tax.com with CC to info.kasbati@professional-
Best regards for Here & Hereafter
Asif S Kasbati (FCA, FCMA & LLB)
Managing Partner
Kasbati & Co (1400+ Tax, Levies, Companies, Economy, Inflation, HR, Banking, Finance, etc
Quick Commentary Service Provider and High Level 440+ Tax & Levies Laws Consultants)
Head of Tax & Professional Excellence Services (Symbols of High Quality Practical Tax, Levies & Corporate Training for Beginners to High Levels' Professionals) PTCL: 92-21-
Google Map link: Tax Excellence YouTube Channel Tax Excellence
Copyright © 2023 Kasbati | Email: info.kasbati@tax-excellence.com | Phone No: 02134329108, 02137296771, 02137296783