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Articles: Business
Inflation..Some facts
- Mr. T.R.Sridhar Prasad. Uppalapati.
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The various opposition parties in India called for state wide bandhs, railrokos, rasta rokos, hartals etc., in the recent past to protest against the increase in the consumer prices of petrol, diesel and lpg gas by the Manmohan singh lead UPA government. These parties should realise that such bandhs will aggravate the situation further as there will be no production of goods and services on such bandh days. Further, the daily wage earner suffers most as he/she has to be at home without any work, leading to scarcity of goods and services and thus reduction in the suply of goods and services. At present the inflation rate is about 8.23%(this measurement is based on the whole sale price index for the week ended 23rd May'08). In India the inflation is measured based on whole sale price index and is revealed every week. There are other methods too such as 1.CPI-agricultural labourers, 2.CPI-industrial workers, 3.CPI-rural, 4.CPI-urban. Here the CPI is consumer price index and is measured by taking into account a certain basket of goods, which are used by the respective category of people. In India the central statistical organisation (CSO) measures these indexes. Inflation means, 'the general increase in the price levels' in other words when too much of money chases too scace goods and services, such a phenomenon occurs. Inflation is of two types as 1.Cost pull inflation, and 2.Demand pull inflation. It is obvious that whenever the prices of the factors of production(land, labour, capital etc) increase the cost of production too increases and thus leads to increase in the prices of goods and services, for eg:a truck has to transport goods from a particular place to another place and if the prices of fuel or labour wages increase, naturally the cost of transportation increases and thus the cost of goods transported will be costlier. Similarly if the cost of credit increases, the prices go up. If the supply for a particular good or service remains constant or decreases and demand increases, the prices are bound to increase.

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