Context
The government has released a new CPI series with 2024 as the base year, updating weights and coverage to reflect changing consumption patterns.
What CPI measures
• Measures retail inflation based on changes in prices of a basket of goods & services.
• Tracks cost of living of households.
Who measures CPI
• National Statistical Office (NSO) under MoSPI → CPI-Combined, CPI-Urban, CPI-Rural
• Labour Bureau (Ministry of Labour & Employment) → CPI-IW (Industrial Workers), CPI-AL (Agricultural Labourers), CPI-RL (Rural Labourers)
Key changes in new CPI (Base 2024)
• Base year: 2012 → 2024
• Item basket: 299 → 358 items
• Food weight: 45.86% → 36.75%
• Geographic coverage expanded:
• Rural markets → 1,181 → 1,465
• Urban markets → 1,114 → 1,395
• 12 online platforms added for price tracking
• Groups increased: 6 → 12
• Weights based on: Household Consumption Expenditure Survey (HCES) 2023-24





