News- The Ministry of Statistics & Programme Implementation released the Consumer Price Index with base year 2024=100.
About Consumer Price Index (CPI) with Base 2024=100
- The Consumer Price Index with base 2024=100 measures the changes over time in general level of retail prices of selected goods and services that households purchase for the purpose of consumption.
- Published by: Ministry of Statistics & Programme Implementation.
- Data collected by: The Field Operations Division of the National Sample Survey, under MoSPI.
- Base Year: The base year of the new CPI series is 2024=100, replacing the earlier base year of 2012=100.
- Methods Used
- The Jevons index is used for compiling elementary indices at the item level.
- The Young or Modified Laspeyres’ index is used for compiling higher level indices.
- Data Collection Period: Price data are collected monthly from rural and urban markets, while online prices are collected weekly.
Key Features of CPI 2024 Series
- Revised Item Basket: The number of weighted items has increased from 299 to 358 at the all-India level, with goods rising from 259 to 308 and services from 40 to 50, which improves the representation of present consumption patterns.
- Updated Weights: The weights are based on the Household Consumption Expenditure Survey 2023–24, and they reflect changes in household spending, including a decline in the share of Food & Beverages while it remains the largest component.
- COICOP 2018 Adoption: The series follows the Classification of Individual Consumption According to Purpose 2018, which replaces 6 broad groups with 12 divisions, 43 groups, 92 classes and 162 sub-classes for better classification and global comparability.
- Rural Housing Inclusion: Rural house rent is included for the first time, and the weight of rural housing is 11.764 percent, which strengthens the coverage of rural housing consumption.
- New Items Added: Items such as online media services, value added dairy products, barley and its product, pen-drive and external hard disk, attendant, babysitter and exercise equipment are included in the basket.
- Outdated Items Removed: Items like VCR or DVD player, radio, tape recorder, second-hand clothing, CD or DVD cassettes and coir rope are removed from the basket.
- Digital Data Collection: The series introduces Computer Assisted Personal Interviewing and includes e-commerce prices, online sources and administrative data to improve data quality, timeliness and coverage.
