Consumer items widely used by the middle class like ice-cream, mineral water, flowers, microwave oven, washing machine, gold and silver will be reflected in the new series of WPI inflation to be released on 14 the September, 2010.
- The new series of Wholesale Price Index (WPI) for August with additional 241 items and change in the base year from 1993-94 to 2004-05 will be released.
- With these items, the WPI will measure a total of 676 items against the existing 435. This would give better picture of the price variation.
- Readymade food, computer stationery, refrigerators, dish antenna, VCD, crude petroleum and computers would also be part of the new series.
- Under the primary article group of the new WPI, there would be 102 items against the existing 98 while the fuel and power category would remain static at 19.
- In the new series, the manufactured products,there would be 555 items compared to 318 items at the moment.
- The weight of manufactured products would go up to 64.9 per cent compared to 63.7 per cent while the weight of primary articles group, including food, has come down to 20.1 per cent against existing 22.02 per cent.
Dissemination
- The system of hybrid approach of dissemination with weekly release of primary (including food index) and fuel index would continue.
- Depending on the relevance of articles in the present economic condition about 200 items have been dropped from the new series.
- The new series of WPI is based on the recommendations of the Working Group headed by Planning Commission member Abhijit Sen.
Serice Index
- The government was also working on Service Price Index which would measure the variation in prices of services providers.
- By this fiscal year end, two indices, namely, on financial services and trade and transport should be released.