Ministry Of Statistics & Programme Implementation (MoSPI) Revised Base Year Of The Consumer Price Index From 2012=100 To 2024=100

Key Highlights:

• The Ministry of Statistics & Programme Implementation (MoSPI) revised the Consumer Price Index (CPI) base year from 2012 to 2024.
• The revised CPI series was officially released on February 12, 2026.
• Market coverage expanded to include 1465 rural, 1395 urban, and 12 online markets.
• The total number of weighted items in the revised basket increased from 299 to 358.
• The new item basket and weights are based on the results of the Household Consumption Expenditure Survey (HCES) 2023-24.

Detailed Insights:

• The revision aims to reflect current consumption patterns and economic realities more accurately.
• Expanded market coverage, including online platforms, enhances the representativeness of price collection.
• The increased number of items in the basket provides a more comprehensive measure of inflation across goods and services.
• Direct comparison of inflation between the old and new series is not feasible due to changes in methodology and coverage.
• MoSPI released linking factors and back series data to ensure continuity and facilitate analysis for users.

Key Concepts Involved:

• Consumer Price Index (CPI): A measure that examines the weighted average of prices of a basket of consumer goods and services.
• Base Year: A reference year for an index, set to 100, against which price changes in other years are measured.
• Household Consumption Expenditure Survey (HCES): A survey conducted to collect data on household spending patterns, used to determine weights for price indices.