Centre plans to release new series of CPI next month.

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  • For more accurate and realistic price situation and for computing retail inflation a new series of Consumer Price Index(CPI) with 2012 as base year will be released coming month.
  • Price reference year or Base year to be shifted from 2010 to 2012.
    • What is Central Statistical Organization (CSO)?
      • CSO is the principal data collecting, processing and disseminating agency responsible for coordinating, monitoring and supervising the National Statistical System.
        • It thus has the statutory mandate to produce and provide government, the private sector, parastatal organisations, international organisations, the civil society and the general public with statistical information for evidence based decision-making, policy formulation and planning as well as investment purposes.
        • The statutory mandate also includes the responsibility of providing advisory and technical service to all users on statistical matters.
    • Consumer price Index (CPI)
      • A measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation,food and medical care.
      • The CPI is calculated by taking price changes for each item in the predetermined basket of goods and averaging them; the goods are weighted according to their importance. Changes in CPI are used to access price changes associated with the cost of living.
    • What is Retail Price Index (RPI)?
      • It measures the change in the cost of a representative sample of retail goods and services.
    • What is Inflation?
      • In economics, inflation is a sustained increase in the general price level of goods and services in an economy over a period of time.