Annual Report


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Date : May 30, 2023
Inflation, Money and Credit
(Per cent)
Inflation
Consumer Price Index (All India) Rural Urban Combined
2020-21 2021-22 2022-23 2020-21 2021-22 2022-23 2020-21 2021-22 2022-23
1 2 3 4 5 6 7 8 9 10
General Index (All Groups) 5.9 5.4 6.8 6.5 5.6 6.4 6.2 5.5 6.7
Food and Beverages 7.1 3.9 6.8 7.7 4.7 6.5 7.3 4.2 6.7
Housing 3.3 3.7 4.3 3.3 3.7 4.3
Fuel and Light 0.3 10.0 9.6 7.1 13.4 11.6 2.7 11.3 10.3
Miscellaneous 5.7 6.6 5.9 7.5 6.8 6.6 6.6 6.7 6.3
Excluding Food and Fuel 5.5 6.7 6.3 5.6 5.4 5.9 5.5 6.0 6.1
Other Price Indices 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23
1. Wholesale Price Index (2011-12=100)                  
All Commodities 1.3 -3.7 1.7 2.9 4.3 1.7 1.3 13.0 9.4
Primary Articles 2.2 -0.4 3.4 1.4 2.7 6.8 1.7 10.2 10.0
of which : Food Articles 5.6 2.6 4.0 2.1 0.3 8.4 3.2 4.1 7.3
Fuel and Power -6.1 -19.7 -0.3 8.2 11.5 -1.8 -8.0 32.5 28.1
Manufactured Products 2.6 -1.8 1.3 2.7 3.7 0.3 2.8 11.1 5.6
Non-food Manufactured Products 2.7 -1.8 -0.1 3.0 4.2 -0.4 2.2 11.0 5.8
2. CPI- Industrial Workers (IW) (2001=100) 6.3 5.6 4.1 3.1 5.4 7.5 5.0 5.1 6.1
of which : CPI- IW Food 6.5 6.1 4.4 1.5 0.6 7.4 5.8 4.7 6.1
3. CPI- Agricultural Labourers (1986-87=100) 6.6 4.4 4.2 2.2 2.1 8.0 5.5 4.0 6.8
4. CPI- Rural Labourers (1986-87=100) 6.9 4.6 4.2 2.3 2.2 7.7 5.5 4.2 7.0
Money and Credit
  2014-15 2015-16 2016-17^ 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23^^
Reserve Money (RM) 11.3 13.1 -12.9 27.3 14.5 9.4 18.8 13.0 10.0
Currency in Circulation 11.3 14.9 -19.7 37.0 16.8 14.5 16.6 9.8 7.8
Bankers’ Deposits with RBI 8.3 7.8 8.4 3.9 6.4 -9.6 28.5 25.4 18.5
Currency-GDP Ratio$ 11.6 12.1 8.7 10.7 11.3 12.2 14.4 13.4 12.7
Narrow Money (M1) 11.3 13.5 -3.9 21.8 13.6 11.2 16.2 10.7 6.8
Broad Money (M3) 10.9 10.1 6.9 9.2 10.5 8.9 12.2 8.8 9.0
Currency-Deposit Ratio 15.2 16.0 11.0 14.4 15.4 16.3 17.2 17.4 17.3
Money Multiplier* 5.5 5.3 6.7 5.8 5.6 5.5 5.2 5.0 5.2
GDP-M3 Ratio$ * 1.2 1.2 1.2 1.2 1.2 1.2 1.1 1.1 1.2
Scheduled Commercial Banks                  
Aggregate Deposits 10.7 9.3 11.3 6.2 10.0 7.9 11.4 8.9 9.6
Bank Credit 9.0 10.9 4.5 10.0 13.3 6.1 5.6 9.6 15.0
Non-food Credit 9.3 10.9 5.2 10.2 13.4 6.1 5.5 9.7 15.4
Credit-Deposit Ratio 76.6 77.7 72.9 75.5 77.7 76.4 72.4 72.2 75.8
Credit-GDP Ratio$ 52.4 52.6 50.9 50.5 51.7 51.6 55.2 50.7 51.5
… : CPI Rural for Housing is not compiled.
^ : March 31, 2017, over April 1, 2016, barring RM and its components.
^^ : Data pertain to March 24, 2023 for column 10.
$ : GDP data from 2011-12 onwards are based on new series i.e., base: 2011-12. GDP refers to GDP at Current Market Prices.
* : Not expressed in per cent.
Note: 1. Data refers to y-o-y change in per cent unless specified otherwise.
2. Base year for Consumer Price Index (All India) is 2012=100 whereas base year for CPI-IW is 2001=100 till August 2020 and 2016=100 from September 2020 onwards.
Source: RBI, NSO, Labour Bureau and Ministry of Commerce and Industry.

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