New series of consumer price index for industrial workers has been released
New series of consumer price index for industrial workers has been released
BusinessToday.In
- Oct 24, 2020,
- Updated Oct 24, 2020 10:49 AM IST
- 1/5
Earlier, the base year for the CPI-IW was 2001. Before this, the series was also revised from the year 1944 to 1949;1949 to 1960; 1960 to 1982 and 1982 to 2001 since inception of Labour Bureau.
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Some important improvements have been made under the new series vis--vis old series. A total of 88 centers have been covered in the 2016 series. The number of States/UTs has increased to 28 and the number of items directly retained in the index basket has increased to 463 items.
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In the new series, as per the direction of Technical Advisory Committee on Statistics of Prices and Cost of Living, the Geometric mean-based methodology is used for compilation of indices as against Arithmetic mean used in 2001 series.
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The group level weights under new series has changed in comparison to earlier series (1982 and 2001). The weight of Food & Beverages has declined over time whereas the weight of miscellaneous group has increased substantially.
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Unlike predecessors, the new series has same survey base year and price base which in itself is a major improvement. It is also released in the shortest time span of less than 4 years as never before. The 2001 series was released on 9th March, 2006