Inflation Trends in India’s Clothing-Footwear Sectorat 3.61% in Dec
The National Statistical Office (NSO) has unveiled the provisional data for India’s clothing and footwear sector, shedding light on the inflationary trends in December. The year-on-year (YoY) inflation rate for this crucial sector stood at 3.61%, a nuanced reflection of the economic landscape. The Consumer Price Index (CPI) for the sector in December 2023 registered at 189.6, indicating a notable increase from 183 in December 2022.
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Breaking it down further, the clothing sub-sector recorded a YoY inflation rate of 3.75%, with a corresponding CPI of 190.9 in December 2023 compared to 184 in the same month of the previous year. Similarly, the footwear segment witnessed a 3.05% YoY inflation rate, with the CPI reaching 182.4 in December 2023 as opposed to 177 in December 2022.
In the broader economic context, the general YoY CPI inflation rate was 5.69% (provisional) in December 2023, slightly up from the final rate of 5.55% in November. The general CPI for December 2023 was 185.7, maintaining an upward trajectory from the previous month’s 186.3 and a significant climb from 175.7 in December 2022.
These inflation figures provide insights into the evolving dynamics of India’s clothing and footwear sector, influencing consumer behavior, pricing strategies, and overall economic sentiment. As the country navigates these trends, stakeholders will closely monitor the impact on purchasing power, market competitiveness, and industry sustainability.
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