The government will upgrade the inflation indices to better represent economic reality.The upgrade will include a better representation for services and will also change the base year from 1993-94 to 2004-05.
In India, the weekly WPI is more closely watched than the consumer price index, which is published monthly, because it covers a higher number of products. The government has plans to draw up a producers price index by modifying the present WPI, but work on that has been delayed due to problems in data collection.
The National Statistical Commission had in 2001 recommended that the Central Statistical Organisation compile a single national consumer price index by computing the CPI (Urban) and CPI (Rural) separately and then combining them together into an all-India index in line with global practice to improve accuracy and help policy makers in tracking price movements.
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