Mospi Mulls Frequent Expenditure Surveys

In a bid to better track changing consumption patterns, the Ministry of Statistics and Programme Implementation (Mospi) is considering more frequent household consumption expenditure surveys (HCES) and base-year revisions for the consumer price index (CPI), sources told Business Standard.

- SHIVA RAJORA

"Consumption patterns in the country are rapidly changing, with growing incomes and diversification in consumer products. To better capture them, it is important to conduct HCES more frequently. We are considering having HCES every three years and a revision in the CPI base year every four years. Things are still at a preliminary stage because the base revision exercise is still on," a source said.

The ministry is revising the base years for key macroeconomic indicators—the index of industrial production (IIP), and gross domestic product (GDP)—to FY23, and calendar year 2024 for the CPI, which are expected to come into effect in February next year.