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Annual Report


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Date : May 27, 2022
Inflation, Money and Credit
(Per cent)
Inflation
Consumer Price Index (All India)# Rural Urban Combined
2019-20 2020-21 2021-22 2019-20 2020-21 2021-22 2019-20 2020-21 2021-22
1 2 3 4 5 6 7 8 9 10
General Index (All Groups) 4.3 5.9 5.4 5.4 6.5 5.6 4.8 6.2 5.5
Food and beverages 4.8 7.1 3.9 8.1 7.7 4.7 6.0 7.3 4.2
Housing 4.5 3.3 3.7 4.5 3.3 3.7
Fuel and light 1.1 0.3 10.0 1.7 7.1 13.4 1.3 2.7 11.3
Miscellaneous 5.1 5.7 6.6 3.7 7.5 6.8 4.4 6.6 6.7
Excluding Food and Fuel 4.1 5.5 6.7 4.0 5.6 5.4 4.0 5.5 6.0
Other Price Indices 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22
1. Wholesale Price Index (2011-12=100)                  
All Commodities 5.2 1.3 -3.7 1.7 2.9 4.3 1.7 1.3 13.0
Primary Articles 9.8 2.2 -0.4 3.4 1.4 2.7 6.8 1.7 10.2
of which : Food Articles 12.3 5.6 2.6 4.0 2.1 0.3 8.4 3.2 4.1
Fuel and Power 7.1 -6.1 -19.7 -0.3 8.2 11.5 -1.8 -8.0 32.8
Manufactured Products 3.0 2.6 -1.8 1.3 2.7 3.7 0.3 2.8 11.0
Non-Food Manufactured Products 2.7 2.7 -1.8 -0.1 3.0 4.2 -0.4 2.2 10.9
2. CPI- Industrial Workers (IW) (2001=100)* 9.7 6.3 5.6 4.1 3.1 5.4 7.5 5.0 5.1
of which : CPI- IW Food 12.3 6.5 6.1 4.4 1.5 0.6 7.4 5.8 4.7
3. CPI- Agricultural Labourers (1986-87=100) 11.6 6.6 4.4 4.2 2.2 2.1 8.0 5.5 4.0
4. CPI- Rural Labourers (1986-87=100) 11.5 6.9 4.6 4.2 2.3 2.2 7.7 5.5 4.2
Money and Credit
  2013-14 2014-15 2015-16 2016-17^ 2017-18 2018-19 2019-20 2020-21 2021-22^^
Reserve Money (RM) 14.4 11.3 13.1 -12.9 27.3 14.5 9.4 18.8 12.3
Currency in Circulation 9.2 11.3 14.9 -19.7 37.0 16.8 14.5 16.6 9.7
Bankers’ Deposits with RBI 34.0 8.3 7.8 8.4 3.9 6.4 -9.6 28.5 25.3
Currency-GDP Ratio$ 11.6 11.6 12.1 8.7 10.7 11.3 12.2 14.4 13.7
Narrow Money (M1) 8.5 11.3 13.5 -3.9 21.8 13.6 11.2 16.2 10.5
Broad Money (M3) 13.4 10.9 10.1 6.9 9.2 10.5 8.9 12.2 8.7
Currency-Deposit Ratio 15.1 15.2 16.0 11.0 14.4 15.4 16.3 17.2 17.5
Money Multiplier (Ratio)$$ 5.5 5.5 5.3 6.7 5.8 5.6 5.5 5.2 5.2
GDP-M3 Ratio$ 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.1 1.1
Scheduled Commercial Banks                  
Aggregate Deposits 14.1 10.7 9.3 11.3 6.2 10.0 7.9 11.4 8.9
Bank Credit 13.9 9.0 10.9 4.5 10.0 13.3 6.1 5.6 9.6
Non-food Credit 14.2 9.3 10.9 5.2 10.2 13.4 6.1 5.5 9.7
Credit-Deposit Ratio 77.8 76.6 77.7 72.9 75.5 77.7 76.4 72.4 72.2
Credit-GDP Ratio$ 53.4 52.4 52.6 50.9 50.5 51.7 51.7 55.3 52.1
# : Base for Consumer Price Index (All India) is 2012=100.
… : CPI Rural for Housing is not compiled.
* : Base for CPI-IW is 2001=100 till August 2020 and 2016=100 from September 2020 onwards.
^ : March 31, 2017, over April 1, 2016, barring RM and its components.
^^ : Data pertain to March 25, 2022, for column 10.
$ : GDP fi gures used in this table are on 2011-12 base, which are the latest available estimates. GDP refers to GDP at Current Market Prices.
$$ : Not expressed in per cent.
Note: 1. Data refers to y-o-y change in per cent unless specifi ed otherwise.
2. Ratios not expressed in per cent.
Source: RBI, NSO, Labour Bureau and Ministry of Commerce and Industry.

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