Consumer Price Index (CPI) with Base 2024=100
Why in News?
- The National Statistics Office (NSO) under Ministry of Statistics & Programme Implementation (MoSPI) released the first official CPI data on this new base, coinciding with January 2026 inflation figures at 2.75% (up from December's 1.33% on old base).
Key Changes
- Base Year Details: 2024=100 as reference (index=100); weights from Household Consumption Expenditure Survey (HCES) 2023-24; prices collected Jan-Dec 2024.
- Item Basket Expansion: Weighted items rose from 299 to 358 (goods: 259→308; services: 40→50); added modern items like OTT subscriptions, online media, CNG/PNG; dropped obsolete ones; aligned with COICOP 2018 framework.
- Weight Rebalancing: Food weight decreased; housing and transport increased, reflecting urban/rural shifts.
Significance
- Ensures CPI represents latest spending (digital services), improves accuracy for inflation tracking, policy, and comparisons.
- Uses granular data, modern tech for collection, and alternative sources for better representativeness and international alignment.
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