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CPI & WPI UPSC NOTE

 Why in News

  • India’s wholesale price inflation quickened to a three-month high of 0.53% in March, from 0.2% in February, with the food index rising 4.65%, led by cereal prices surging at a 12-month-high pace even as the inflation in paddy (11.7%), potato (53%) and onions (57%) accelerated

  • Fuel and power as well as manufactured products continued to be in deflation mode, though the pace of price declines in both categories narrowed to about -0.8% in March

  • There are multiple types of baskets of goods used to calculate and track price indexes, depending on the goods and services used. 

  • Consumer Price Indexes (CPI) and Wholesale Price Indexes (WPI) are the most common price indexes. 

  • WPI and CPI are both measures of inflation economists and policymakers use to monitor economic changes.

CPI

  • It measures the change in the price in the sale of goods or services in retail or directly to the consumer. 

  • It focuses on the goods that the consumer is purchasing. 

  • It is released by the National Statistical Office (NSO), Ministry of Statistics and Programme Implementation

  • The base Year for CPI is 2012

  • Numbers of Items Covered: 448 for rural and 460 for urban

  • Four different CPI numbers are calculated in India, and they are as follows:

    • Industrial Workers’ CPI (IW), 

    • Agricultural Labourers’ CPI (AL), 

    • Rural Labourers’ CPI (RL), 

    • Urban Non-Manual Employees’ CPI (UNME).


  • The Ministry of Statistics and Program Implementation gathers and compiles CPI (UNME) data, while the Labour Bureau of the Ministry of Labour collects the other three.

WPI

  • It measures the average change in the price in the sale of goods in bulk quantity by the wholesaler.

  • It focuses on the goods that are traded only between wholesalers or businesses.

  • Published by the Office of Economic Adviser, Ministry of Commerce and Industry

  • The base year of All-India WPI has been revised from 2004-05 to 2011-12 in 2017

  • Numbers of Items Covered: 697 (117+16+564)

  • There are 117 articles in the new WPI’s primary article group, up from 98 previously, while the energy and electricity category remains the same at 16

  • There are 564 manufactured products in the current series, compared to 318 in the previous series

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Learnerz IAS | Concept oriented UPSC Classes in Malayalam: CPI & WPI UPSC NOTE
CPI & WPI UPSC NOTE
Learnerz IAS | Concept oriented UPSC Classes in Malayalam
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