There were differences between the figures arrived at by the National Statistical Office (NSO) and analysts due to the way the NSO aggregates data from the item level upwards to the numbers at the national level.
The paper, put out in the latest RBI Bulletin, called for a change in the aggregation method to make CPI data more useful for monetary and other policies. It also urged for an expeditious revision of the base year of the consumer price index from 2012, to guide the monetary policy correctly.
The overall CPI inflation rose to 6.52 per cent in January this year from 5.72 per cent in December last year, and then came down slightly to 6.44 per cent in February, 2023. Within that, cereal inflation rose to 16.2 per cent from 13.79 per cent and again went up further to 16.73 per cent in these months.
Aggregation of price indices in the CPI to arrive at the headline all-India index published by the NSO is done in two stages, the paper pointed out.
This story is from the March 23, 2023 edition of Business Standard.
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This story is from the March 23, 2023 edition of Business Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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