New series of WPI to be based on 2004-05 price
By IANSMonday, September 13, 2010
NEW DELHI - The government will introduce a new series of wholesale price index (WPI) from Tuesday that will be based on 2004-05 prices.
“A representative commodity basket comprising 676 items has been selected and a new weighting diagram reflecting the current structure of the economy has been derived for the new series,” an official statement said Monday.
The number of quotations selected for collecting price data for the above items is 5,482. Thus, there is substantial increase in the number of items in the commodity basket and number of quotations for collecting price data in comparison to the existing series.
With the introduction of new series, the wholesale price index based on 1993-94 prices will be discontinued.
Commerce and Industry Minister Anand Sharma is scheduled to announce the new series of WPI.
Some of the important items included in the new series basket are flowers, lemon and crude petroleum in primary articles and ice cream, canned meat, palm oil, instant food powder, mineral water, computer stationary, leather products, petrochemical intermediates, TV sets, VCD, washing machine and auto parts in manufactured products.
The new series of WPI is based on the recommendations of the working group headed by Abhijit Sen, Member, Planning Commission. The working group submitted its technical report in May 2008 and recommended the change of the base year to 2004-05.
– Indo-Asian News Service
