The labour ministry has revised the base year of the Consumer Price Index-Industrial Workers (CPI-IW) from 2001 to 2016, giving more weight to spending on housing, education and health in inflation index calculation.
About:
The revision in base year will reflect changing consumption pattern of the working-class population over the years.
Following the change in base year, the index will give 39% weight to food and beverage consumption of workers now as against 46.2% earlier. In contrast, spending on housing will get almost 17% weight as against 15.2% earlier.
Among consumption categories, a segment comprising spending on heads like education, health and transport by workers has been given a sizable jump in weight from 23% earlier to 30% now.
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