Consider the following statements about the Wholesale Price Index (WPI): 1. WPI measures the average change in prices of goods traded in bulk by wholesalers and reflects inflation at the producer level. 2. WPI includes both goods and services in its basket for price measurement. 3. The base year for WPI is updated to 2011-12, and it is published monthly by the Office of Economic Adviser under the Ministry of Commerce and Industry. Which of the statements given above is/are correct? |ForumIAS

[A] 1 and 2 only

[B] 2 and 3 only

[C] 1 and 3 only

[D] 1, 2 and 3

Answer: C

Notes:

Explanation:

Statement 1: WPI measures price changes of goods traded wholesale, reflecting inflation at the producer level before reaching consumers.
Statement 2: WPI covers only goods and does not include services; the Consumer Price Index (CPI) tracks prices including services.
Statement 3: The base year of WPI was revised to 2011-12, and it is published monthly by the Office of Economic Adviser, DPIIT, Ministry of Commerce and Industry.

Source– BS