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3/22/2018 SSC GK Economy Notes: Various Price Indices in India

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SSC GK Economy Notes: Various Price Indices in India
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Continuing the SSC GK Study Notes for upcoming SSC CHSL Tier I Exam 2017-18,
RPF
CGL Tier I 2018 and other exams, today, we have discussed "Various Price Indices
in India". In many exams, questions are directly asked based on de nition and base
RBI O ce Attendant
year of these indices. We hope this article will help you.
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SSC GK Notes: Various Price Indices in India

Price Indices in India

Various weighted price indices are calculated in India.


These are-
1. Wholesale Price Index (WPI)
2. Old Consumer Price Index
(a) Consumer Price Index for Industrial Workers (CPI- IW)
(b) Consumer Price Index for Urban Non- Manual Employees (CPI- UNME)
(c) Consumer Price Index for Agriculture Labourers (CPI-AL)
(d) Consumer Price Index for Rural Labourers (CPI- RL)

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3/22/2018 SSC GK Economy Notes: Various Price Indices in India

3. New Consumer Price Index (Introduced in February 2011)


(a) CPI (Rural)
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(b) CPI (Urban)


(c) CPI (Combined)
4. Consumer Food Price Index
Till April 2014, the In ation rate was measured with the help of WPI
(Wholesale Price Index).
Currently, in India in ation rate is measured with the help of Consumer Price
Index- combined.

1. Wholesale Price Index-

It measures the change in the price of commodities traded in the wholesale


market.
It is also known as headline in ation.
Current base year- 2011-12.
The index basket of the current series has a total of 697 items (117 items for
Primary Articles, 16 items for Fuel & Power and 564 items for Manufactured
Products.)
Published by- Economic Advisor, Ministry of Commerce & Industry.

2. Old Consumer Price Index-


(a) Consumer Price Index for Industrial Workers (CPI- IW)

It measures the change in the price of commodities consumed by industrial


workers.
Current base year- 2001
Published by- Labour Bureau
Consumer Price Index for Urban Non- Manual Employees (CPI- UNME)

It measures the change in the price of commodities consumed by Non-


Manual Employees.
Published by- CSO (Central Statistics O ce, Ministry of Statistics)
It has been discontinued.

(b) Consumer Price Index for Agriculture Labourers (CPI-AL)

It measures the change in the price of commodities consumed by agriculture


labourers.
It is a subset of CPI-RL.
Current base year- 1986-87

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3/22/2018 SSC GK Economy Notes: Various Price Indices in India

Published by- Labour Bureau


UsedAll
for revising minimum wages
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(c) Consumer Price Index for Rural Labourers (CPI- RL)

It measures the change in the price of commodities consumed by rural


labourers (include agriculture labourers, labourers of village and cottage
industries).
Current base year- 1986-87
Published by- Labour Bureau
Used for revising minimum wages.

3. New Consumer Price Index (Introduced in February 2011)


(a) CPI (Rural)

Current base year- 2012


Published by- CSO (Central Statistics O ce, Ministry of Statistics)

(b) CPI (Urban)

Current base year- 2012


Published by- CSO

(c) CPI (Combined)

Current base year- 2012


Published by- CSO
Currently, in India in ation rate is measured with the help of Consumer Price
Index- combined.

4. Consumer Food Price Index-

It is a measure of change in retail prices of food items consumed by the


people.
Current base year- 2012
Published by- CSO

Others
Urjit Patel committee

The committee was appointed to examine the current monetary policy


framework of the Reserve Bank of India.

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3/22/2018 SSC GK Economy Notes: Various Price Indices in India

Major Recommendations of the committee are-


(a) CPI range should be between 4 % +/-2 %.
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(b) Repo rate always should be more than CPI.


(c) Proposed formation of Monetary Policy committee to x accountability.
(d) Government to help RBI to achieve set targets.

GDP De ator

Used to calculate overall price rise.


Known as implicit price de ator.
GDP De ator= (Nominal GDP/Real GDP) × 100
Here Real GDP- GDP calculated at constant Price
Nominal GDP- GDP calculated at current Price
The GDP de ator is the most accurate because it covers all goods and
services produced in the economy. The other indices (WPI and CPI) derive
from price quotations for select commodity baskets.
The government does not use it because GDP de ator data comes quarterly
(not weekly/monthly basis).

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156 upvotes 18 comments

Tags : SSC SSC CGL General Awareness

Posted by:

Puneet Bansal
Feb 24 SSC

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3/22/2018 SSC GK Economy Notes: Various Price Indices in India

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