|The Government of India has come up with a new Consumer Price Index (CPI). With respect to the new Consumer Price Index, consider the following statements.|
|1. Consumer Price Index is released every month.|
|2. The common base year for CPI is 2012.|
|3. Consumer Price Index represents the wholesale price of goods paid by the households for a basket of goods and services.|
|4. More weightage is given to the manufacturing items under CPI.|
|5. Housing forms one of the five major groups for which Consumer Price Index is available for both rural and urban areas.|
|Which of the statements] given above is/are correct?|
A) Only 1
B) 1, 3 and 5
C) 2, 4 and 5
D) 1, 2, 3 and 4
Correct Answer: A
Solution :[a] While WPI (Wholesale Price Index) represents wholesale prices of goods, CPI indicates the average paid by households for a basket of goods and services Central Statistics Office (CSO), Ministry of Statistics Programme Implementation releases CPI with base 2010 for all India and States/UTs separately for rural, and combined (rural + urban) every month with effect January, 2011.These indices are available for five major groups namely food, beverages and tobacco; fuel and light; housing only for urban; rural areas are not included); clothing, bedding and footwear and miscellaneous. Approximately 50%weightage is given to food items and total number commodities in the index is 200.
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