Press Release: AICPIN for October 2023
The latest data on the All-India Consumer Price Index for Industrial Workers reveals intriguing trends. In October 2023, the index experienced a slight increase of 0.9 points, reaching a total of 138.4. This indicates a 0.65% rise compared to the previous month, which is slightly lower than the 0.91% increase observed during the same period last year. These figures offer valuable insights into the current state of inflation and its impact on the cost of living for industrial workers in India.
The All India Consumer Price Index (AICPIN) reached a record high of 138.4 in October 2023. This notable increase in the index has correspondingly led to a rise in the Dearness Allowance (DA) to 49%. The AICPIN witnessed a significant surge of 0.9 points from its previous level, signifying a considerable change in the overall cost of living. As a result, our team anticipates further increments in the DA and DR, projecting them to reach 50% in the upcoming months.
The Current AICPIN Index Number is 138.4
AICPIN Advance Release Calendar
According to the advance calendar issued by the Labour Bureau, the AICPIN data will be released at 6 PM on Thursday, November 30, 2023. This AICPIN data holds significant importance as it plays a crucial role in determining the Dearness Allowance from January 2024. With three months’ worth of data already available from July to September 2023, the release of the CPI points for the fourth month on November 30, 2023, will enable us to calculate the expected increase in DA and DR for Central government employees and pensions, effective from January 2024.
The Significance of AICPIN for CG Employees
The October 2023 AICPIN holds a crucial role in determining the Dearness Allowance for both Central Government employees and pensioners. The AICPIN, an abbreviation for All India Consumer Price Index, is a statistical measure calculated by the Labour Bureau. It quantifies changes in the retail prices of goods and services consumed by households across the country.
On a monthly basis, the Labour Bureau releases the AICPIN points, which serve as the basis for calculating the Dearness Allowance. These points are used in a formula recommended by the 7th Central Pay Commission to determine the allowance.
Guide on Determining Dearness Allowance for Central Government Employees
To calculate the Dearness Allowance using AICPIN, one must first convert the AICPIN data from Base Year 2016 to Base Year 2001. Next, obtain and average the total of the previous 12 months’ AICPIN values. Subtract this average from 261.42 and divide it by 261.42. Finally, multiply the resulting value by 261.42 to estimate the percentage of Dearness Allowance for October 2023. For a simple online calculator to calculate the expected DA for January 2024, please click here.