Various Indices and Bodies

Depending upon the selected set of goods and services used, multiple types of baskets of goods are calculated and tracked as price indexes. Most commonly used price indexes are the Consumer Price Index (CPI) and the Wholesale Price Index (WPI).

1. Consumer Price Index

  • It measures price changes from the perspective of a retail buyer.
  • It measures changes over time in the level of retail prices of selected goods and services on which consumers of a defined group spend their incomes.Base Year for CPI is 2012.
  • There are 4 types of CPI calculated –
    • CPI for Industrial Workers (IW): Compiled by Labour Bureau ....

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Indian Economy