What is the base year for WPI?
2011-12
Wholesale inflation rate, measured by WPI, is a crucial measure to capture the dynamic price movements in commodities for bulk buy by traders. The current series of WPI — with base year of 2011-12 —was the seventh revision of WPI and implemented from 2017 onwards.
What is the base year for CPI in India?
The National Statistical Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI) is releasing All India Consumer Price Index (CPI) on Base 2012=100 and corresponding Consumer Food Price Index (CFPI) for Rural (R), Urban (U) and Combined (C) for the month of January 2022 (Provisional) in this press …
What is base year for CPI Upsc?
Base Year for CPI is 2012. Recently, the Ministry of Labour and Employment released the new series of Consumer Price Index for Industrial Worker (CPI-IW) with base year 2016.
What is India’s WPI index?
Definition: Wholesale Price Index (WPI) represents the price of goods at a wholesale stage i.e. goods that are sold in bulk and traded between organizations instead of consumers. WPI is used as a measure of inflation in some economies. Description: WPI is used as an important measure of inflation in India.
Why is 1982 the base year for CPI?
In 1988, the reference base for the CPI was changed from 1967=100 to 1982-84=100. The 1982-84 period was chosen to coincide with the updated expenditure weights which were based on the Consumer Expenditure Surveys for the years 1982, 1983 and 1984.
What is the base year for WPI and CPI?
Difference between WPI and CPI
| Context | WPI | CPI |
|---|---|---|
| Types of Commodities covered | Manufacturing inputs and intermediate goods like minerals, machinery basic metals, etc. | Education, communication, transportation, recreation, apparel, foods and beverages, housing and medical care |
| Base Year | 2011-12 | 2012 Note: Base Year to be revised. |
What is the base year of WPI and CPI?
Is base year CPI always 100?
Consumer Price Index (CPI) Formula The index is calculated by taking the price of the basket in one year and dividing it by the price of the basket in another year. This ratio is then multiplied by 100. The base year is always 100.
Why is CPI 100 in the base year?
This implies that if we calculate the CPI for the base year we divide base year expenditure by base year expenditure, making the base year CPI always equal to 100. Because the true rate of inflation cannot be observed, we can use the CPI (and similar price indexes) to help us approximate the true inflation rate.
What is current CPI WPI level of India currently?
WPI At 14.55 Per Cent, CPI At 6.95 Per Cent; What It Means For India?
When did WPI change from weekly to monthly?
With regular publication of WPI since 1947, the index continued as a weekly series till January 2012 and is thereafter being released as a monthly series. WPI underwent several base revisions, usually decadal, and the present base (2004-05) series is available since April 2004.
When was the first WPI calculated in India?
The records of compilation of WPI, the oldest among the price indices in India, are available for as far back as the early 20th century (1915).
How is unemployment data collected in India?
Unemployment in India, statistics has traditionally had been collected, compiled and disseminated once every five years by the Ministry of Labour and Employment (MLE), primarily from sample studies conducted by the National Sample Survey Office.
Is the unemployment rate in India rising?
According to the International Labour Organization(ILO) – a United Nations agency, unemployment is rising in India and the “unemployment rate in the country [India] will stand at 3.5 percent in 2018 and 2019 – the same level of unemployment seen in 2017 and 2016”, instead of dropping to 3.4 percent as it had previously projected.[31]