Nowadays, there is a term that always remains in the focus of both investors, domestic and international, is Cost of Living. Talking Cost of Living is the amount of money that is required to survive in a particular place to cover essential needs such as food, water, healthcare, cost of commute, housing, and taxes. If the Cost of Living is higher that means the inflation rate at that particular place is soaring comparatively than the other places that have low Cost of Living. Notably, the Cost of Living increased globally after the Russia-Ukraine war pushed inflation globally and burnt a hole in the common man’s pocket. Not to mention, the prices of essential commodities have gone up following the Russia-Ukraine war which also has pushed the outgo payments for gold, oil, and other important commodities in India. You need to go through this article till the end as we have discussed the impact of India’s inflation on the Cost of Living in the following sections.
Reportedly, for the month of September, the retail inflation of India lowered to 5.02 percent which was 6.83 percent in the month of August. On Thursday, October 12, 2023, the Ministry of Statistics showed data depicting a low cost of living due to softer vegetable prices. However, the index for the cost of Cereals and products significantly surged to 181.4 in September which was 179.3 in August. While food and beverages basket index slipped to 189 in September which was 192.5 in the month of August. Shift to the next section and read about other indexes.
Talking about the Clothing and footwear index, the Ministry of Statistics’s data showed an increase in it. Data claimed that the Clothing and footwear index rose to 188.2 in September which was 187.7 in August month. Notably, the Housing index remained almost the same in September and August. In September, it was 176.2 versus 176.4 in August. Continue reading this article.
Reportedly, the Cost of fuel left a huge impact on the cost of living as fuel inflation had a negative effect on the prices of vegetables, fruits, and other essential food items. The petrol price in Delhi stood at Rs96.72 on October 12, which lowest among all the metro cities of India on the other hand the petrol price in Mumbai was at Rs106.31 highest among Indian metro cities. Meanwhile, the price of diesel in Delhi remained at Rs89.62 on October 12 and in Mumbai at Rs94.27.