INFLATIONPRESENT scenario

Submitted to: Submitted by:

Ms. Divya Pandey Subject: Economics BA.LLB(H) Section A Roll: A3211111046 Aakash Khatri Course:

CONTENTS

PARTICULARS NUMBER

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Inflation

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How inflation is measured?

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 Causes of inflation Effect of inflation Current Inflation Status 13 Review of Inflation in India Methods to control

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INFLATION
Inflation can be defined as a rise in the general price level and therefore a fall in the value of money. Inflation occurs when the amount of buying power is higher than the output of goods and services. Inflation also occurs when the amount of money exceeds the amount of goods and services available. As to whether the fall in the value of money will affect the functions of money depends on the degree of the fall. Basically, refers to an increase in the supply of currency or credit relative to the availability of goods and services, resulting in higher prices.
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Therefore, inflation can be measured in terms of percentages. The percentage increase in the price index, as a rate per cent per unit of time, which is usually in years. The two basic price indexes are used when measuring inflation, the producer price index (PPI) and the consumer price index (CPI) which is also known as the cost of living index number.

HOW INFLATION IS MEASURED?

Inflation is normally given as a percentage and generally in years or in some instances quarterly and is derived from the Consumer Price Index (CPI). However, there are two main indices used to measure inflation. The first is the Consumer Price Index, or the CPI. The CPI is a measure of the price of a set group of goods and services. The "bundle," as the group is known, contains items such as food, clothing, gasoline,
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and even computers. The amount of inflation is measured by the change in the cost of the bundle: if it costs 5% more to purchase the bundle than it did one year before, there has been a 5% annual rate of inflation over that period based on the CPI. You will also often hear about the "Core Rate" or the "Core CPI." There are certain items in the bundle used to measure the CPI that are extremely volatile, such as gasoline prices. By eliminating the items that can significantly affect the cost of the bundle (in either direction) on a month-to-month basis, the Core rate is thought to be a better indicator of real inflation, the slow, but steady increase in the price of goods and services.

The second measure of inflation is the Producer Price Index, or the PPI. While the CPI indicates the change in the purchasing power of a consumer, the PPI measures the change in the purchasing power of the producers of those goods. The PPI measures how much producers of products are getting on the wholesale level, i.e. the price at which a good is sold to other businesses before the good is sold to a consumer. The PPI actually combines a series of smaller indices that cross many industries and
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measure the prices for three types of goods: crude, intermediate and finished. Generally, the markets are most concerned with the finished goods because these are a strong indicator of what will happen with future CPI reports. The CPI is a more popular measure of inflation than the PPI, but investors watch both closely. TYPES OF INFLATION: Subsequently, when either the prices of goods or services or the supply of money rises; this is considered as inflation. Depending on the characteristics and the intensity of inflation, there are several types, namely. Creeping inflation Trotting inflation Galloping inflation Hyper inflation

When there is a general rise in prices at very low rates, which is usually between 2-4 percent annually, this is known as creeping inflation. Whereas, trotting inflation occurs when the percentage has risen from 5 to almost percent. At this
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level it is a warning signal for most governments to take measures to avoid exceeding double-digit figures. Another type of inflation is the galloping inflation, where the rate of inflation is increasing at a noticeable speed and at a remarkable rate, usually from 10-20 percent. However, when the inflation rate rises to over 20% it is generally considered as hyper inflation and at this stage it is almost uncontrollable because it increases more rapidly in such a little time frame.
The main difference between the galloping and hyper inflation, is that hyperinflation occurs when prices rise at any moment and there is no level to which the prices might rise. During World War II certain countries experienced a hyperinflation, where the price index rose from 1 to over 1,000,000,000 in Germany during January 1922 to November 1923.

CAUSES OF INFLATION
Inflation comes in different forms and those at are familiar with the economic matters would observe that there are trends in the way that prices are moving gradual and irregular in relation to aggregate sections of the economy. This suggest that there is
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more than one factor that causes inflation and as different sections of the economy develop it gives rise to different types inflationary periods. The main causes of inflation are: Demand-pull Inflation Cost push Inflation Monetary inflation Structural inflation Imported inflation

DEMAND-PULL INFLATION Demand-pull inflation occurs when the consumers, businesses or the governments demand for goods and services exceed the supply; therefore the cost of the item rises, unless supply is perfectly elastic. Because we do not live in a perfect market supply is somewhat inelastic and the supply of goods and services can only be increased if the factors of production are increased. The increase in demand is created from in increase in other areas, such as the supply of money, the increase of wages which would then give rise in disposable income, and once the consumers have more disposal income this would lead to aggregate spending. As a result of the aggregate spending there would also be an increase in demand for exports and possible hoarding and profiteering from producers. The excessive demand, the prices of final goods and services would be forced to increase and this increase gives rise to inflation.

COST-PUSH INFLATION
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Cost-push inflation is caused by an increase in production costs. It is generally caused by an increase in wages or an increase in the profit margins of the entrepreneurs. When wages are increased, this causes the business owner to in turn increase the price of final goods and services which would be passed onto the consumers and the same consumers are also the employees. As a result of the increase in prices for final goods and services the employees realise that their income is insufficient to meet their standard of living because the basic cost of living has increased. The trade unions then act as the mediator for the employees and negotiate better wages and conditions of employment. If the negotiations are successful and the employees are given the requested wage increase this would further affect the prices of goods and services and invariably affected. On the other hand, when firms attempt to increase their profit margins by making the prices more responsive to supply of a good or service instead of the demand for that said good or service. This is usually done regardless to the state of the economy. This can be seen in monopolistic economies where the firm is the only supplier or by entrepreneurs that are seeking a larger profit for their own self interests. MONETARY INFLATION Monetary inflation occurs when there is an excessive supply of money. It is understood that the government increases the money supply faster than the quantity of goods increases, which results in inflation. Interestingly as the supply of goods increase the money supply has to increase or else prices actually go down.
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When a dollar is worth less because the supply of dollars has increased, all businesses are forced to raise prices just to get the same value for their products. STRUCTURAL INFLATION Planned inflation that is caused by a government's monetary policy is called structural inflation. This type of inflation is not caused by the excess of demand or supply but is built into an economy due to the governments monetary policy. In developed countries they are characterized by a lack of adequate resources like capital, foreign exchange, land and infrastructure. Furthermore, over-population with the majority depending on agriculture for their livelihood means that there is a fragmentation of the land holdings. There are other institutional factors like land-ownership, technological backwardness and low rate of investment in agriculture. These features are typical of the developing economies. For example, in developing country where the majority of the population live in the rural areas and depend on agriculture and the government implements a new industry, some people get employment outside the agricultural sector and settle down in urban areas. Because there might be an unequal distribution of land ownership and tenancy, technological backwardness and low rates of investments in agriculture inclusive of inadequate growth of the domestic supply of food which corresponds with an increase in demand arising from increasing urbanization and population prices increase. Food being the key wage-good, an increase in its price tends to raise other prices as well. Therefore, some economists consider
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food prices to be the major factor, which leads to inflation in the developing economies.

EFFECT OF INFLATION
Inflation can have positive and negative effects on an economy. Negative effects of inflation include loss in stability in the real value of money and other monetary items over time; uncertainty about future inflation may discourage investment and saving, and high inflation may lead to shortages of goods if consumers begin hoarding out of concern that prices will increase in the future. Positive effects include a mitigation of economic recessions, and debt relief by reducing the real level of debt. Most effects of inflation are negative, and can hurt individuals and companies alike, below are a list of negative and positive effects of inflation: NEGATIVE EFFECTS ARE: Hoarding (people will try to get rid of cash before it is devalued, by hoarding food and other commodities creating shortages of the hoarded objects). Distortion of relative prices (usually the prices of goods go higher, especially the prices of commodities). Increased risk - Higher uncertainties (uncertainties in business always exist, but with inflation risks are very high, because of the instability of prices).

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 Income diffusion effect (which is basically an operation of income redistribution). Existing creditors will be hurt (because the value of the money they will receive from their borrowers later will be lower than the money they gave before).

Fixed income recipients will be hurt (because while inflation increases, their income doesnt increase, and therefore their income will have less value over time). Increased consumption ratio at the early stages of inflation (people will be consuming more because money is more abundant and its value is not lowered yet). Lowers national saving (when there is a high inflation, saving money would mean watching your cash decrease in value day after day, so people tend to spend the cash on something else). Illusions of making profits (companies will think they were making profits while in reality theyre losing money if they dont take into consideration the inflation rate when calculating profits). Causes an increase in tax bracket (people will be taxed a higher percentage if their income increases following an inflation increase). Causes mal-investment (in inflation times, the data given about an investment is often deceptive and unreliable, therefore causing losses in investments). Causes business cycles (many companies will have to go out of business because of the losses they incurred from inflation and its effects).
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 Currency debasement (which lowers the value of a currency, and sometimes cause a new currency to be born) Rising prices of imports (if the currency is debased, then its purchasing power in the international market is lower).

"POSITIVE" EFFECTS OF INFLATION ARE: It can benefit the inflators (those responsible for the inflation) It be benefit early and first recipients of the inflated money (because the negative effects of inflation are not there yet). It can benefit the cartels (it benefits big cartels, destroys small sellers, and can cause price control set by the cartels for their own benefits). Many economists favor a low steady rate of inflation, low (as opposed to zero or negative) inflation may reduce the severity of economic recessions by enabling the labor market to adjust more quickly in a downturn, and reducing the risk that a liquidity trap prevents monetary policy from stabilizing the economy. The task of keeping the rate of inflation low and stable is usually given to monetary authorities. Generally, these monetary authorities are the central banks that control the size of the money supply through the setting of interest rates, through open market operations, and through the setting of banking reserve requirements.

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 Tobin effect argues that: a moderate level of inflation can increase investment in an economy leading to faster growth or at least higher steady state level of income. This is due to the fact that inflation lowers the return on monetary assets relative to real assets, such as physical capital. To avoid inflation, investors would switch from holding their assets as money (or a similar, susceptible to inflation, form) to investing in real capital projects. The first three effects are only positive to a few elite, and therefore might not be considered positive by the general public.

CURRENT INFLATION STATUS

Inflation is one of those economic phenomena that affects every citizen, almost everyday; yet, perceptions in India are often at variance with reality. For example, people often ask as to how during periods of falling inflation, prices still go up. A moments reflection makes it clear that when inflation is down, it is only the rate of increase in prices that is down. On the other hand, when inflation rate edges up, not all are satisfied. For, while nominal incomes go up, the real worth of incomes is eroded with price-increase. These instances show how popular perceptions are at variance with the essence of the phenomenon. The inflation rate in India was recorded at 7.24 percent in November of 2012. Inflation Rate in India is reported by the Ministry of Statistics and Programme Implementation. Historically, from 1969 until 2012, India Inflation Rate averaged 7.8 Percent reaching an all time high of 34.7 Percent in September of 1974 and a record low of -11.3 Percent in May of 1976. In India, the wholesale price index (WPI) is the main measure of inflation. The WPI measures the price of a representative basket of wholesale goods. In India, wholesale price index is divided into three groups:
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Primary Articles (20.1 percent of total weight), Fuel and Power (14.9 percent) and Manufactured Products (65 percent). Food Articles from the Primary Articles Group account for 14.3 percent of the total weight. The most important components of the Manufactured Products Group are Chemicals and Chemical products (12 percent of the total weight); Basic Metals, Alloys and Metal Products (10.8 percent); Machinery and Machine Tools (8.9 percent); Textiles (7.3 percent) and Transport, Equipment and Parts (5.2 percent). This page includes a chart with historical data for India Inflation Rate. The variation in the price level in India can be measured in terms of the Wholesale Price Index (WPI), or the Implicit National Income Deflator (NID) or the Consumer Price Index (CPI). The WPI is the main measure of the rate of inflation often used in India. The WPI is available for all commodities and for major groups, sub-groups and individual commodities. The basic advantage of this measure of inflation is its availability at high frequency, i.e. on weekly basis with a gap of about two weeks, thereby enabling continuous monitoring of the price situation for policy purposes. This index does not cover non-commodity producing sectors viz. services and non-tradable commodities.

The national income deflator, on the other hand, is a comprehensive measure but statistically derived from national accounts data released by the Central Statistical Organisation (CSO) as a ratio of GDP at current prices to GDP at constant prices. Since it encompasses the entire spectrum of economic activities including services, the scope and coverage of national income deflator is wider than any other measure. At present, the GDP deflator is available only annually with a long lag of over one year and hence has very limited use for the conduct of policy. The important measure at the point of consumption is the consumer price index for industrial workers (CPI-IW) which is meant to reflect the cost of living conditions and is computed on the basis of the changes in the level of retail prices of selected goods and services on which a homogeneous group of consumers spend the major part of their income. Its coverage is broader than the other indices of CPI like the CPI for agricultural labourers (AL) and the CPI for urban non-manual employees (UNME). Besides, CPI-AL and CPI-UNME are not considered as robust national inflation measures because they are designed for specific groups of population with the main purpose of measuring the impact of price rise on rural and urban poverty.

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REVIEW OF INFLATIONARY TRENDS IN INDIA

In general, among the developing countries, Indias inflation performance would be considered as satisfactory, as would be evident from the study already mentioned. During the fifties, in fact, the average decadal rate of inflation was very low at 1.7 per cent, with the rate varying in a wide range from a negative value of 12.5 per cent to a positive value of 13.8 per cent. The minimum inflation at a negative rate in 1952-53 was in response to the bumper agricultural production in that year while the maximum inflation rate in 1956-57 was mainly attributed to demand pressures, especially investment demand, both public and private. During the sixties, the average decadal inflation edged up to 6.4 per cent. The inflationary pressures started mounting from 1962-63, on account of the Chinese War in 1962 and unsatisfactory supply position. The Pakistan war in 1965, and the famine conditions during 1965-66 aggravated the situation further. The maximum inflation at 13.9 per cent was recorded for the year 1966-67, but the minimum inflation rate of (-) 1.1 per cent was in 196869 attributed primarily to the bumper agricultural production in the preceding year.
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During the eighties, the decadal average inflation moved down somewhat to 8.0 per cent. What is more significant is that variation in prices was small as compared to any of the preceding decades. The highest inflation rate for the decade was at 18.2 per cent in 1980-81 and the minimum inflation rate was at 4.4 per cent for 1985-86. The period 1990-91 to 1997-98 witnessed a resurgence of inflationary tendencies with four of the seven years showing price rise between 10 to 15 per cent. Following the Gulf crisis of 1991, the first half of the decade was characterised by double-digit inflation the sole exception being 1993-94 with an inflation rate of 8.4 per cent. From 1995-96 to 1997-98, there was a reversal of trend, as reform measures began to show positive impact on prices, and the average inflation rate for the nineties up to 1997-98 was 9.0 per cent.

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Thus, India recorded relatively satisfactory levels of inflation since, for the entire period of analysis, i.e. 1950-51 to 1997-98, the average rate of inflation working out to 6.7 per cent and the modal value of distribution of inflation rates lying between 5 to 10 per cent. The inflation rate has also been far less volatile than in most developing countries, with standard deviation at 6.6 and the rate having crossed the 15 per cent mark on only four occasions during the last half a century or so. Moreover, the high pressures of inflation were felt on almost all occasions, due to exogenous shocks like oil price hike, gulf crisis, wars, etc. and domestic supply shocks such as adverse monsoon conditions. However, it is possible to suggest that progressively, over the period, impact of monsoon conditions on volatility in prices is getting increasingly moderated perhaps due to expansion of irrigated agriculture as also buffer stock operations.

CURRENT INFLATION RATE

Current inflation India (CPI India) the inflation is based upon the Indian consumer price index. The index is a measure of the average price which consumers spend on a market-based "basket" of goods and services. Inflation based upon the consumer price index (CPI) is the main inflation indicator in most countries.

CPI inflation India

october 2012: 9.60 %

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When we talk about the rate of inflation in India, this often refers to the rate of inflation based on the consumer price index, or CPI for short. The Indian CPI shows the change in prices of a standard package of goods and services which Indian households purchase for consumption. In order to measure inflation, an assessment is made of how much the CPI has risen in percentage terms over a give period compared to the CPI in a preceding period. If prices have fallen this is called deflation (negative inflation). As per the government of India :Indias Wholesale Price Index Based Inflation Rate Eases Lower to 7.24 Percent in November 2012 New Delhi (Delhi, India), December 14, 2012 Inflation rate in India decreased slightly to 7.24% in November 2012 from 7.45% in October 2012 based on 2004-05 as the base year. The rate of inflation was 9.46 percent in November 2011. Office of the Economic Adviser (OEA) of the Ministry of Commerce and Industry, Government of India, released the latest monthly and annual inflation rate data on Friday, December 14, 2012. Indias annual inflation rate in September 2012, based on the Wholesale Price Index, was revised to 8.07 percent from the provisional inflation rate of 7.81 percent as previously reported on October 15, 2012. Headline inflation, which is based on the wholesale prices, has remained above 6 percent mark in India since January 2010.

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CPI IN recent years

Period october 2012 october 2011 october 2010 october 2009 october 2008 october 2007 october 2006 october 2005 october 2004 october 2003 Inflation 9.596 % 9.392 % 9.697 % 11.486 % 10.448 % 5.512 % 6.917 % 4.183 % 4.573 % 3.285 %

METHODS TO CONTROL
A high inflation rate is undesirable because it has negative consequences. However, the remedy for such inflation depends on the cause. Therefore, government must diagnose its causes before implementing policies. MONETARY POLICY Inflation is primarily a monetary phenomenon. Hence, the most logical solution to check inflation is to check the flow of money supply by devising appropriate monetary policy and carefully implementing such measures. To control inflation, it is necessary to control total expenditures because under conditions of full
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employment, increase in total expenditures will be reflected in a general rise in prices, that is, inflation. Monetary policy is used to control inflation and is based on the assumption that a rise in prices is due to excess of monetary demand for goods and services by the consumers/households e because easy bank credit is available to them. Monetary policy, thus, pertains to banking and credit availability of loans to firms and households, interest rates, public debt and its management, and the monetary standard. Monetary management is aimed at the commercial banking systems, and through this action, its effects are primarily felt in the economy as a whole. By directly affecting the volume of cash reserves of the banks, can regulate the supply of money and credit in the economy, thereby influencing the structure of interest rates and the availability of credit. Both these, factors affect the components of aggregate demand and the flow of expenditure in the economy.

The central banks monetary management methods, the devices for decreasing or increasing the supply of money and credit for monetary stability is called monetary policy. Central banks generally use the three quantitative measures to control the volume of credit in an economy, namely: 1. 2. 3. Raising bank rates Open market operations and Variable reserve ratio

However, there are various limitations on the effective working of the quantitative measures of credit control adapted by the central banks and, to that extent, monetary measures to control inflation
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are weakened. In fact, in controlling inflation moderate monetary measures, by themselves, are relatively ineffective. On the other hand, drastic monetary measures are not good for the economic system because they may easily send the economy into a decline. In a developing economy there is always an increasing need for credit. Growth requires credit expansion but to check inflation, there is need to contract credit. In such an encounter, the best course is to resort to credit control, restricting the flow of credit into the unproductive, inflation-infected sectors and speculative activities, and diversifying the flow of credit towards the most desirable needs of productive and growth-inducing sector. It should be noted that the impression that the rate of spending can be controlled rigorously by the contraction of credit or money supply is wrong in the context of modern economic societies. In modern community, tangible, wealth is typically represented by claims in the form of securities, bonds, etc., or near moneys, as they are called. Such near moneys are highly liquid assets, and they are very close to being money. They increase the general liquidity of the economy. In these circumstances, it is not so simple to control the rate of spending or total outlays

merely by controlling the quantity of money. Thus, there is no immediate and direct relationship between money supply and the price level, as is normally conceived by the traditional quantity theories.

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When there is inflation in an economy, monetary restraints can, in conjunction with other measures, play a useful role in controlling inflation. FISCAL MEASURES Fiscal policy is another type of budgetary policy in relation to taxation, public borrowing, and public expenditure. To curve the effects of inflation and changes in the total expenditure, fiscal measures would have to be implemented which involves an increase in taxation and decrease in government spending. During inflationary periods the government is supposed to counteract an increase in private spending. It can be cleared noted that during a period of full employment inflation, the aggregate demand in relation to the limited supply of goods and services is reduced to the extent that government expenditures are shortened. Along with public expenditure, governments must simultaneously increase taxes that would effectively reduce private expenditure, in an effect to minimise inflationary pressures. It is known that when more taxes are imposed, the size of the disposable income diminishes, also the magnitude of the inflationary gap in regards to the availability of the supply of goods and services. In some instances, tax policy has been directed towards restricting demand without restricting level of production. For example, excise duties or sales tax on various commodities may take away the buying power from the consumer goods market without discouraging the level of production. However, some economists point out that this is not a correct way of combating inflation because it may lead to a regressive status within the economy.
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As a result, this may lead to a further rise in prices of goods and services, and inflation can spread from one sector of the economy to another and from one type of goods and services to another. Therefore, a reduction in public expenditure, and an increase in taxes produces a cash surplus in the budget. Keynes, however, suggested a programme of compulsory savings, such as deferred pay as an anti-inflationary measure. Deferred pay indicates that the consumer defers a part of his or her wages by buying savings bonds (which, of course, is a sort of public borrowing), which are redeemable after a particular period of time, this is sometimes called forced savings. Additionally, private savings have a strong disinflationary effect on the economy and an increase in these is an important measure for controlling inflation. Government policy should therefore, include devices for increasing savings. A strong savings drive reduces the spendable income of the consumers, without any harmful effects of any kind that are associated with higher taxation. Furthermore, the effects of a large deficit budget, which is mainly responsible for inflation, can be partially offset by covering the deficit through public borrowings. It should be noted that it is only government borrowing from non-bank lenders that has a disinflationary effect. In addition, public debt may be managed in such a way that the supply of money in the country may be
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controlled. The government should avoid paying back any of its past loans during inflationary periods, in order to prevent an increase in the circulation of money. Anti-inflationary debt management also includes cancellation of public debt held by the central bank out of a budgetary surplus.

Fiscal policy by itself may not be very effective in combating inflation; therefore a combination of fiscal and monetary tools can work together in achieving the desired outcome. DIRECT MEASURES OF CONTROL Direct controls refer to the regulatory measures undertaken to convert an open inflation into a repressed one. Such regulatory measures involve the use of direct control on prices and rationing of scarce goods. The function of price control is a fix a legal ceiling, beyond which prices of particular goods may not increase. When ceiling prices are fixed and enforced, it means prices are not allowed to rise further and so, inflation is suppressed. Under price control, producers cannot raise the price beyond a specified level, even though there may be a pressure of excessive demand forcing it up. For example, during wartimes, price control was used to suppress inflation.
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In times of the severe scarcity of certain goods, particularly, food grains, government may have to enforce rationing, along with price control. The main function of rationing is to divert consumption from those commodities whose supply needs to be restricted for some special reasons; such as, to make the commodity more available to a larger number of households. Therefore, rationing becomes essential when necessities, such as food grains, are relatively scarce. Rationing has the effect of limiting the variety of quantity of goods available for the good cause of price stability and distributive impartiality. However, according to Keynes, rationing involves a great deal of waste, both of resources and of employment.

Another control measure that was suggested is the control of wages as it often becomes necessary in order to stop a wageprice spiral. During galloping inflation, it may be necessary to apply a wage-profit freeze. Ceilings on wages and profits keep down disposable income and, therefore the total effective demand for goods and services. On the other hand, restrictions on imports may also help to increase supplies of essential commodities and ease the inflationary pressure. However, this is possible only to a limited extent, depending upon the balance of payments situation. Similarly, exports may also be reduced in an effort to increase the availability of the domestic supply of essential commodities so
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that inflation is eased. But a country with a deficit balance of payments cannot dare to cut exports and increase imports, because the remedy will be worse than the disease itself. In overpopulated countries like India, it is also essential to check the growth of the population through an effective family planning programme, because this will help in reducing the increasing pressure on the general demand for goods and services. Again, the supply of real goods should be increased by producing more. Without increasing production, inflation just cannot be controlled. Some economists have even suggested indexing in order to minimise certain ill-effects of inflation. Indexing refers to monetary corrections through periodic

adjustments in money incomes of the people and in the values of financial assets such as savings deposits, which are held by them in relation to the degrees of price rise. Basically, if the annual price were to rise to 20%, the money incomes and values of financial assets are enhanced by 20%, under the system of indexing. Indexing also saves the government from public wrath due to severe inflation persisting over a long period. Critics, however, do not favour indexing, as it does not cure inflation but rather it encourages living with inflation. Therefore, it is a highly discretionary method.

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In general, monetary and fiscal controls may be used to repress excess demand but direct controls can be more useful when they are applied to specific scarcity areas. As a result, anti-inflationary policies should involve varied programmes and cannot exclusively depend on a particular type of measure only.

BIBLIOGRAPHY

Tradingeconomics.com Ministry of statistics and programme implementation

Theteamwork.com
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http://www.theteamwork.com/articles/20162101-indian-government-current-monthlyannual-inflation-rate.html

Global-rates.com http://www.global-rates.com/economicindicators/inflation/consumerprices/cpi/india.aspx

Inflation.eu http://www.inflation.eu/inflationrates/india/inflation-india.aspx

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