Govt changes inflation base year due to pandemic, population survey

Govt changes inflation base year due to pandemic, population survey

The government has changed the base years for the consumer and production price indexes to better reflect consumption and manufacturing amid the coronavirus pandemic, the Commerce Ministry said on Wednesday.

The base year for the consumer price index (CPI) was changed from 2015 to 2019, the year when its latest population survey was completed and before the coronavirus spread globally, causing massive economic disruption.

The new calculation will also cover wider households and products and services, the ministry said in a statement.

The production price index (PPI) base year was changed to 2015 from 2010, the ministry said, adding it would begin releasing both indexes with the new base years on Feb 5.

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