Government to release WPI inflation index on monthly basis

The cabinet committee on economic affairs today gave its approval to the release of issue of the current series of wholesale price index (base 1993-94) on a monthly basis, instead of the current practice of releasing the index on a weekly basis.

Collection of price data for manufactured products by the department of industrial policy and promotion will accordingly have a monthly frequency consistent with the practice of release of WPI, a government release said.

While weekly data compilation of wholesale prices for the `primary articles and commodities in the `fuel, power, light and lubricant' on a weekly basis will continue, the WPI inflation rate will be released on a monthly basis, the release said.

The monthly release of WPI is a widely followed international practice, it said adding, "The approval is expected to improve the quality of the wholesale price index."

A weekly price index for primary articles and commodities in fuel, power, light and lubricant groups would facilitate weekly monitoring of the prices of agricultural commodities and petroleum products, which are sensitive in nature.