Ministry of Commerce Releases WPI New Series

The Ministry of Commerce and Industry releases a new series of the Wholesale Price Index (WPI) with an updated base year of 2022-23. It also releases the first editions of Output Producer Price Index (OPPI), Trial Input Producer Price Index (IPPI), and Service Producer Price Index (Service PPI) for seven specified services.

Wholesale Price Index (WPI) New Series (Base Year 2022-23):

Dimension	Key Details
Releasing authority	The series is released by the Ministry of Commerce and Industry.
Base year	The new WPI series applies to a base year of 2022-23.
WPI definition	WPI provides for a measure of the average change of prices of a fixed set of goods at the first point of bulk sale in a commercial transaction in the domestic market over a given period of time.
New inclusion	The new series comprises new and renewable energy under electricity.
Basket size	The basket comprises 957 items.
Major groups	The basket comprises three major groups: Primary Articles, Fuel and Power, and Manufactured Products.
Highest weight group	Manufactured Products comprises the highest weight in the basket.
Additional price indices	The release provides for first editions of OPPI, Trial IPPI, and Service PPI.
Service PPI coverage	Service PPI comprises seven services: Banking, Securities Transaction, Insurance, Management of Pension Funds, Railways, Passenger Air, and Telecom.
Planned replacement	The new series provides for Producer Price Index (PPI) to replace WPI in 5 years.