Cost of Living LIVE Updates Jan 16: Fuel prices steady. Check petrol and diesel prices in your city here
Cost of Living LIVE Updates January 16: The cost of living is the amount of money one needs to survive in a given place – and one's most essential needs such as food, water, housing, taxes, cost of commute, healthcare, etc. The high rate of inflation has pushed up the cost of living across the globe, burning a hole in the common man's pocket.
Since the Russia-Ukraine war broke out, the cost of raw materials and commodities has gone up. This has increased India's payments outgo for oil, gold, and other commodities.India's retail inflation hit a 4-month high of 5.69% in December 2023, according to the data released by the National Statistical Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI) informed on Friday.
The CPI inflation surged from 5.5% in November and continues to remain close to the Reserve Bank of India's (RBI) tolerance range of 2-6%.In December, the Wholesale Price Index (WPI)-based inflation increased by 0.73 per cent, primarily attributed to a significant surge in food prices. The WPI inflation had been in the negative zone from April to October but turned positive in November at 0.26 percent.
The Commerce and Industry Ministry, in a statement on January 15, explained that the positive inflation rate in December 2023 is mainly driven by higher prices of food articles, machinery & equipment, other manufacturing, other transport equipment, and computer, electronics & optical products, among others, according to PTI.Fuel rates are revised at 06:00 A.M every day. Since June 2017, fuel prices in India have been revised daily, and this is called the dynamic fuel price method.Fuel price in metro cities on January 16, 2024 | Mumbai CityPETROL (Rs/L) - 106.31DIESEL (Rs/L) - ₹94.27Fuel price
. Read more on livemint.com
