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Friday, April 30, 2010

The government today said that it plans to come out with the new inflation series, which will give a better reflection of price movements in the count

The government today said that it plans to come out with the new inflation series, which will give a better reflection of price movements in the country, by July.

"We plan to bring out the new WPI series in June or July. It will have over 600 items from the current 435 items," R P Singh, Secretary with the Department of Industrial Policy and Promotion (DIPP), told reporters on the sidelines of a function here .

He said the whole basket of items would be adjusted, depending on the turnover of commodities and "the trial is on."

The wholesale price-based inflation stands at 9.9 per cent in March, but many analysts criticise the compilation of data, saying it includes several items that are no longer in vogue.

Earlier, officials had said that items such as type writers and VCRs would be moving out making way for mobile phones and LCD TVs in the new inflation series.

The new index, with 2004-05 as the base year, will have 250 new items and is expected to provide a more realistic picture of price rise and its impact on people, officials had said. At present, the base year for wholesale price-based inflation is 1993-94.

Most of the new additions would be in the manufacturing products category while primary items, that includes foodgrain and milk, would remain unchanged, officials had said.

There could also be minor changes in fuel, power light and lubricant categories, they had added.

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