New Delhi: Starting Tuesday the government will release the nation-wide Consumer Price Index (CPI) on a monthly basis for better reflection of retail price movement and to help the Reserve Bank take effective monetary policy steps to deal with inflation. The new CPI, according to experts, will eventually replace the Wholesale Price Index (WPI) for policy actions to deal with the price situation.
The monthly CPI will be in addition to the three retail price indices—for agricultural & rural labourers and industrial workers—prepared by the ministry of labour. The new data will be prepared by the Ministry of Statistics and Programme Implementation (MOSPI)."CPI uses defined basket of goods and services that represents purchasing pattern of a particular household. Since this is driven from the consumption side, it provides a relatively realistic view on how consumers are affected," Deloitte, Haskins & Sells director Anis Chakravarty said.
He said that for these reasons a reliable indication of demand side pressures and inflation is received from utilizing CPI as a measure. AGENCIES
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