New Series
Govt to introduce new CPI series by February 2026, says MoSPI
This story was originally published at 21:09 IST on 24 December 2024
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NEW DELHI – The government will introduce the new CPI series by February 2026, the Ministry of Statistics and Programme Implementation said on Tuesday. The ministry has constituted committees for base revision of CPI and other macroeconomic indicators, and the process is underway, the ministry said.
"Additional data sources are being explored for inclusion in compilation/estimation of GDP, CPI as well as IIP," the ministry said in a release. However, the government did not give any timeline as to when it would introduce the new base for IIP and GDP.
The base year of the CPI will be changed to 2024 from current 2012 and weights and item basket will be derived from the household consumption expenditure survey 2022-23 (Aug-Jul). The ministry will also release the report for the household consumption expenditure survey 2023-24 on Friday. It conducted the 2023-24 survey to test the robustness of the methodology.
The 2022-23 survey report, released earlier this year, showed that the average spending on food items in rural India, as a share of total expenditure, fell to 46.38% in 2022-23 from 52.90% in 2011-12. Similarly, the average spending on food items by urban India was down at 39.17% in 2022-23, against 42.62% in 2011-12, according to the survey, which was released after 11 years.
The statistics ministry is also looking to change the way it treats public distribution system items and other free social transfers in the compilation of CPI. It has proposed to use a zero price in the new CPI series in cases where the price of an item distributed under a social security scheme falls to zero from a positive amount, the ministry said in a discussion paper earlier on Tuesday. End
Reported by Krity Ambey
Edited by Deepshikha Bhardwaj
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