New Consumer Price Index (CPI) series:
The Union Ministry of Statistics and Programme Implementation (MoSPI) has released details of a new Consumer Price Index (CPI) series, revising the base year from 2011–12 to 2023–24 and cutting the weight of food and beverages from ~46% to ~37%.The new CPI series is an updated framework for measuring retail inflation in India, with:
- Base year revised from 2011–12 to 2023–24
- Revised item weights based on the latest Household Consumption Expenditure Survey (HCES) 2023–24
- Expanded item coverage and improved methodology to better capture current consumption behaviour, including digital services.
- CPI is India’s headline inflation measure and the anchor for monetary policy under the inflation targeting framework.
