Inflation, Money and Credit

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Inflation, Money and Credit

(Per cent)
Inflation
Consumer Price Index (CPI) [All India]	Rural			Urban			Combined
Consumer Price Index (CPI) [All India]	2022-23	2023-24	2024-25	2022-23	2023-24	2024-25	2022-23	2023-24	2024-25
1	2	3	4	5	6	7	8	9	10
General Index (All Groups)	6.8	5.6	5.0	6.4	5.1	4.1	6.7	5.4	4.6
Food and Beverages	6.8	6.9	6.9	6.5	7.3	6.5	6.7	7.0	6.7
Housing	…	…	…	4.3	3.9	2.8	4.3	3.9	2.8
Fuel and Light	9.6	1.8	-0.9	11.6	0.3	-5.1	10.3	1.2	-2.5
Miscellaneous	5.9	4.6	4.2	6.6	4.4	4.0	6.3	4.5	4.1
Excluding Food and Fuel	6.3	4.5	3.7	5.9	4.2	3.4	6.1	4.3	3.5
Other Price Indices	2016-17	2017-18	2018-19	2019-20	2020-21	2021-22	2022-23	2023-24	2024-25
1. Wholesale Price Index (2011-12=100)^#
All Commodities	1.7	2.9	4.3	1.7	1.3	13.0	9.4	-0.7	2.3
Primary Articles	3.4	1.4	2.7	6.8	1.7	10.2	10.0	3.5	5.1
of which : Food Articles	4.0	2.1	0.3	8.4	3.2	4.1	7.3	6.6	7.3
Fuel and Power	-0.3	8.2	11.5	-1.8	-8.0	32.5	28.1	-4.7	-1.3
Manufactured Products	1.3	2.7	3.7	0.3	2.8	11.1	5.6	-1.7	1.7
Non-food Manufactured Products	-0.1	3.0	4.2	-0.4	2.2	11.0	5.8	-1.4	0.7
2. CPI- Industrial Workers (IW) [2001=100]	4.1	3.1	5.4	7.5	5.0	5.1	6.1	5.2	3.4
of which : CPI- IW Food	4.4	1.5	0.6	7.4	5.8	4.7	6.1	7.3	6.0
3. CPI- Agricultural Labourers (1986-87=100)	4.2	2.2	2.1	8.0	5.5	4.0	6.8	7.1	5.7
4. CPI- Rural Labourers (1986-87=100)	4.2	2.3	2.2	7.7	5.5	4.2	7.0	6.9	5.7
Money and Credit
	2016-17^	2017-18	2018-19	2019-20	2020-21	2021-22	2022-23	2023-24	2024-25^^
Reserve Money (RM)	-12.9	27.3	14.5	9.4	18.8	13.0	7.8	5.6	3.3
Currency in Circulation	-19.7	37.0	16.8	14.5	16.6	9.8	7.8	3.9	5.8
Bankers’ Deposits with RBI	8.4	3.9	6.4	-9.6	28.5	25.4	6.1	10.2	-6.5
Currency-GDP Ratio^$	8.7	10.7	11.3	12.2	14.4	13.3	12.6	11.7	11.2
Narrow Money (M₁)	-3.9	21.8	13.6	11.2	16.2	10.7	6.9	7.3	7.9
Broad Money (M₃)	6.9	9.2	10.5	8.9	12.2	8.8	9.0	11.1	9.6
Currency-Deposit Ratio	11.0	14.4	15.4	16.3	17.2	17.4	17.3	16.0	15.4
Money Multiplier*	6.7	5.8	5.6	5.5	5.2	5.0	5.1	5.4	5.7
GDP-M₃ Ratio^$*	1.2	1.2	1.2	1.2	1.1	1.2	1.2	1.2	1.2
Scheduled Commercial Banks
Aggregate Deposits	11.3	6.2	10.0	7.9	11.4	8.9	9.6	12.9	10.6
Bank Credit	4.5	10.0	13.3	6.1	5.6	9.6	15.0	16.3	12.1
Non-food Credit	5.2	10.2	13.4	6.1	5.5	9.7	15.4	16.3	12.0
Credit-Deposit Ratio	72.9	75.5	77.7	76.4	72.4	72.2	75.8	78.1	79.1
Credit-GDP Ratio^$	50.9	50.5	51.7	51.6	55.1	50.4	50.9	52.8	53.8
# : Data for 2024-25 are provisional. … : CPI Rural for Housing is not compiled. ^ : March 31, 2017, over April 1, 2016, barring RM and its components. ^^ : Data for Reserve Money pertain to March 28, 2025, while that of Money Supply relate to March 21, 2025. $ : 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 for CPI (All India) is 2012=100 whereas base 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.