Mehngai ka data kaise banta hai aur market usme kya dhoondhta hai
Published by The Retail Trader · AUG 09, 2026 · Features
Har mahine mehngai ke aankde aate hain aur do alag numbers do alag kahaniyan bolte hain. Dono sahi hote hain — wo bas alag cheez naap rahe hote hain.
Consumer price index ye naapta hai ki ek aam ghar ki kharidari kitni mehngi hui. Ismein khana, ghar, transport, education, healthcare — sab ka weight hota hai.
RBI ka inflation target isi CPI par hota hai. Isliye market ke liye CPI hi wo number hai jo policy se seedha juda hua hai.
Wholesale price index thok bhaav naapta hai — factory aur mandi level par. Ismein services ka hissa nahi hota jaisa CPI mein hota hai.
WPI aksar CPI se pehle ghoomta hai aur companies ke input cost ka mota indicator deta hai. Isliye margin ke baare mein soch rahe ho to WPI zyada kaam ka hai; policy ke baare mein soch rahe ho to CPI.
Food aur fuel ke bhaav mausam aur global cheezon se bahut upar-neeche hote hain. Inhe hata kar jo bachta hai use core inflation kehte hain.
Policy banane wale core ko zyada dhyaan se dekhte hain, kyunki wo batata hai ki mehngai economy ke andar tak baith gayi hai ya bas ek season ka mamla hai. Headline gir jaaye par core na gire — ye ek chetavni hoti hai.
Data aane par jo dekha jaata hai:
• Expectation se farq — number khud se zyada, wo anumaan se upar aaya ya neeche, ye maayne rakhta hai.
• Direction — teen-chaar mahine ka trend, ek mahine ka number nahi.
• Base effect — pichle saal ka number kya tha. Kam base par chhoti badhat bhi bada percentage dikhati hai.
• Core ka behaviour — headline se zyada ye batata hai ki rate cut ki gunjaish hai ya nahi.
Zyada mehngai do taraf se chubhti hai: companies ka input cost badhta hai, aur rate badhne ka dar valuation par dabav daalta hai.
Par har company par ek jaisa asar nahi hota. Jinke paas pricing power hai — yaani jo mehngai customer par daal sakti hain — unka margin bacha rehta hai. Yahi wajah hai ki mehngai ke daur mein pricing power sabse zyada baat ki jaane wali cheez ban jaati hai.
Ye article sirf educational hai — koi buy ya sell recommendation nahi, koi guaranteed return ka daawa nahi, aur koi advisory nahi. Rules, rates aur mechanics exchange, SEBI aur RBI time-time par badalte hain, isliye har number apne broker ya official source par khud verify karo.