New Delhi: The Centre has approved the revision of the base year for the Wholesale Price Index (WPI) from 2011-12 to 2022-23 and announced the introduction of a new set of Producer Price Indices (PPIs), aimed at improving the measurement of inflation and price movements in the economy.
The revised WPI series and the new producer price indices will be released on June 15 by the Office of the Economic Adviser under the Department for Promotion of Industry and Internal Trade (DPIIT).
Officials said the new WPI series will replace the existing 2011-12 base year index and feature broader coverage, updated methodology and a more representative basket of commodities. The total number of items covered under the index has increased from 697 to 957.
Among the key changes is the inclusion of renewable energy sources such as solar and wind power, along with nuclear electricity, under the electricity category. Crude petroleum and natural gas have also been shifted to the fuel and power group to improve tracking of energy prices.
The government will simultaneously introduce the Output Producer Price Index (OPPI), Trial Input Producer Price Index (IPPI) and Service Producer Price Indices covering sectors such as banking, insurance, railways, telecom and air passenger services.
Officials said WPI will continue to be published alongside PPIs for the next five years to facilitate a gradual transition. The move aligns India with global best practices and recommendations of international agencies, including the International Monetary Fund (IMF).
The revised framework is expected to provide a more accurate picture of inflationary trends and producer-level price movements across sectors of the economy.
