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Measuring inflation: price indices, CPI, WPI and core inflation

ಕನ್ನಡದಲ್ಲಿ ವಿವರಣೆ

Inflation · Part 1 / 2 · Fact-checked on 20 October 2026 · how we check

Written with AI from the sources listed at the bottom of this page, then fact-checked by a separate AI.

What inflation is and how India measures it: how a price index works, the NSO's CPI and its new 2024 series, the Labour Bureau's indices, the WPI with base 2022-23 and the new producer price indices, why CPI is the anchor, core inflation, the base effect and the GDP deflator.

Each idea is explained first in Kannada (ಕನ್ನಡ), ending with the English and Hindi exam terms, followed by the same point in exam English. UPSC Prelims is in English or Hindi, so understand it in Kannada and revise it in English.

ಹಣದುಬ್ಬರ ಅಂದರೆ ಒಂದೆರಡು ವಸ್ತುಗಳ ಬೆಲೆ ಏರುವುದಲ್ಲ — ಒಟ್ಟು ಬೆಲೆ ಮಟ್ಟ ನಿರಂತರವಾಗಿ ಮೇಲೆ ಹೋಗುವುದು. ಒಂದು ವರ್ಷದ ಹಿಂದೆ ನೂರು ರೂಪಾಯಿಗೆ ಚೀಲ ತುಂಬ ಸಾಮಾನು ಸಿಗುತ್ತಿತ್ತು ಅಂದುಕೊಳ್ಳಿ; ಇಂದು ಅದೇ ನೂರು ರೂಪಾಯಿಗೆ ಚೀಲ ಸ್ವಲ್ಪ ಖಾಲಿ ಉಳಿಯುತ್ತದೆ. ಅಂದರೆ ರೂಪಾಯಿಯ ಕೊಳ್ಳುವ ಶಕ್ತಿ ಕಡಿಮೆಯಾಯಿತು. ಮಳೆಯಿಂದ ಟೊಮ್ಯಾಟೊ ಬೆಲೆ ಮಾತ್ರ ಏರಿದರೆ ಅದು ಹಣದುಬ್ಬರವಲ್ಲ; ಹೆಚ್ಚಿನ ವಸ್ತುಗಳ ಬೆಲೆ ಒಟ್ಟಿಗೆ ಏರಿದಾಗ ಮಾತ್ರ. ಸಂಬಳ, ಬ್ಯಾಂಕ್ ಬಡ್ಡಿ, ಬಡವರ ಮನೆಖರ್ಚು — ಎಲ್ಲದರ ಮೇಲೂ ಇದರ ಪರಿಣಾಮವಿದೆ. ಈ ಭಾಗದಲ್ಲಿ ಇದನ್ನು ಹೇಗೆ ಅಳೆಯುತ್ತಾರೆ, ಎರಡನೇ ಭಾಗದಲ್ಲಿ ಏಕೆ ಬರುತ್ತದೆ, ಹೇಗೆ ನಿಯಂತ್ರಿಸುತ್ತಾರೆ ಎಂದು ನೋಡೋಣ. (→ English: inflation · हिन्दी: मुद्रास्फीति)

In exam Englishinflation is a sustained rise in the general level of prices of goods and services over a period of time. Its other face is a fall in the purchasing power of money: when inflation is 5 per cent, a rupee buys roughly 5 per cent less than it did a year ago. A jump in the price of tomatoes after heavy rain is a change in one relative price; inflation means that prices across most of the basket are moving up together. Inflation touches almost every economic decision, from the wages a firm offers to the interest a bank pays on deposits, and it hurts the poor most because they spend nearly all their income on daily needs. This part explains how India measures inflation; Part 2 turns to why prices rise, who gains and loses, and how the RBI and the government try to keep it in check.

ದೇಶದ ಪ್ರತಿಯೊಂದು ಬೆಲೆಯನ್ನೂ ಯಾರೂ ನೋಡಲಾಗದು; ಅದಕ್ಕೆ 'ಬೆಲೆ ಸೂಚ್ಯಂಕ' ಬಳಸುತ್ತಾರೆ. ಒಂದು ಸಾಮಾನ್ಯ ಕುಟುಂಬ ತಿಂಗಳಿಗೆ ತರುವ ದಿನಸಿ ಚೀಲವನ್ನು ನೆನಪಿಸಿಕೊಳ್ಳಿ. ಆಧಾರ ವರ್ಷದಲ್ಲಿ ಆ ಚೀಲದ ಖರ್ಚನ್ನು 100 ಎಂದು ಇಡುತ್ತಾರೆ. ಆಗ ಸಾವಿರ ರೂಪಾಯಿ ಇದ್ದ ಚೀಲ ಈಗ 1,060 ಆದರೆ ಸೂಚ್ಯಂಕ 106. ಅಕ್ಕಿಗೆ ಹೆಚ್ಚು ಖರ್ಚು ಮಾಡುತ್ತೇವೆ, ಬೆಂಕಿಪೊಟ್ಟಣಕ್ಕೆ ಕಡಿಮೆ — ಹಾಗಾಗಿ ಅಕ್ಕಿ ಬೆಲೆ ಏರಿದರೆ ಸೂಚ್ಯಂಕ ಹೆಚ್ಚು ಚಲಿಸುತ್ತದೆ. ಸುದ್ದಿಯಲ್ಲಿ ಹೇಳುವ ದರ ಸಾಮಾನ್ಯವಾಗಿ ಈ ತಿಂಗಳನ್ನು ಕಳೆದ ವರ್ಷದ ಅದೇ ತಿಂಗಳ ಜೊತೆ ಹೋಲಿಸಿದ್ದು. ಕಾಲ ಕಳೆದಂತೆ ನಮ್ಮ ಖರೀದಿ ಬದಲಾಗುವುದರಿಂದ ಚೀಲ ಮತ್ತು ತೂಕಗಳನ್ನು ಬದಲಿಸಿ ಹೊಸ ಆಧಾರ ವರ್ಷಕ್ಕೆ ಹೋಗುತ್ತಾರೆ. (→ English: price index · हिन्दी: मूल्य सूचकांक)

In exam EnglishInflation is measured with a price index. Statisticians choose a basket of items that households or producers typically buy, record their prices regularly, and compare the cost of that basket with its cost in a base period, which is set equal to 100. If a basket that cost ₹1,000 in the base period costs ₹1,060 today, the index stands at 106. Each item carries a weight equal to its share in spending, so a 10 per cent rise in the price of rice moves the index far more than the same rise in the price of matchboxes. The inflation rate that appears in the news is usually year-on-year: the percentage change in the index between a month and the same month a year earlier. Because spending habits change over time, the basket and weights must be refreshed from new consumption surveys, and this is why statistical agencies periodically move to a new base year.

ಗ್ರಾಹಕ ಬೆಲೆ ಸೂಚ್ಯಂಕ ಅಂದರೆ ನಾವು ಅಂಗಡಿಯಲ್ಲಿ ನಿಜವಾಗಿ ಕೊಡುವ ಚಿಲ್ಲರೆ ಬೆಲೆಗಳನ್ನು — ತೆರಿಗೆ ಸೇರಿ — ಅಳೆಯುವ ಸೂಚ್ಯಂಕ. ಇದನ್ನು ರಾಷ್ಟ್ರೀಯ ಸಾಂಖ್ಯಿಕ ಕಚೇರಿ (NSO) ತಯಾರಿಸುತ್ತದೆ. ಹಳ್ಳಿಗೆ ಒಂದು, ನಗರಕ್ಕೆ ಒಂದು, ಎರಡೂ ಸೇರಿ ಒಂದು — ಮೂರು ಸೂಚ್ಯಂಕಗಳು ಬರುತ್ತವೆ. ಪ್ರತಿ ತಿಂಗಳು ಆಯ್ದ ಸಂತೆ-ಮಾರುಕಟ್ಟೆಗಳಿಂದ ಬೆಲೆ ಸಂಗ್ರಹಿಸಿ ಮುಂದಿನ ತಿಂಗಳ 12ನೇ ತಾರೀಖು ಬಿಡುಗಡೆ ಮಾಡುತ್ತಾರೆ. ಜೊತೆಗೆ ಆಹಾರವನ್ನು ಮಾತ್ರ ನೋಡುವ ಸೂಚ್ಯಂಕವೂ ಬರುತ್ತದೆ — ಬೆಲೆ ಏರಿಕೆಯಲ್ಲಿ ಎಷ್ಟು ಅಡುಗೆಮನೆಯಿಂದ ಬಂತು ಎಂದು ಅದು ಹೇಳುತ್ತದೆ. 'ಸಂಯೋಜಿತ' ಸೂಚ್ಯಂಕಕ್ಕೆ ವಿಶೇಷ ಸ್ಥಾನ: ದೇಶದ ಹಣದುಬ್ಬರ ಗುರಿ ಅದರ ಮೇಲೆಯೇ ನಿಗದಿಯಾಗಿದೆ. (→ English: Consumer Price Index · हिन्दी: उपभोक्ता मूल्य सूचकांक)

In exam EnglishThe Consumer Price Index (CPI) tracks the retail prices that households actually pay for the goods and services they consume, including the taxes built into those prices. In India the main CPI is compiled by the National Statistics Office (NSO) of the Ministry of Statistics and Programme Implementation. It is published as three all-India indices: CPI (Rural), CPI (Urban) and CPI (Combined), which joins the two. Prices are collected every month from selected village and town markets, and the figures for a month are released on the 12th of the following month. Alongside the general index, the NSO publishes the Consumer Food Price Index, which follows food items alone. The CPI (Combined) has a special status: it is the index in which India's official inflation target is defined.

ಹಳೆಯ ಚೀಲ 2012ರದ್ದು; ಅಂದಿನಿಂದ ಇಂದಿನವರೆಗೆ ನಮ್ಮ ಖರ್ಚು ಬಹಳ ಬದಲಾಗಿದೆ. ಹಾಗಾಗಿ 12 ಫೆಬ್ರವರಿ 2026ರಂದು 2024=100 ಆಧಾರದ ಹೊಸ ಗ್ರಾಹಕ ಬೆಲೆ ಸೂಚ್ಯಂಕ ಬಂತು. ತೂಕಗಳನ್ನು 2023-24ರ ಗೃಹ ಬಳಕೆ ವೆಚ್ಚ ಸಮೀಕ್ಷೆಯಿಂದ ತೆಗೆದುಕೊಳ್ಳಲಾಗಿದೆ. ವಸ್ತುಗಳು 299ರಿಂದ 358ಕ್ಕೆ ಏರಿದವು, ಆರು ಗುಂಪುಗಳ ಬದಲು 12 ವಿಭಾಗಗಳು. ದೊಡ್ಡ ನಗರಗಳ ಆನ್‌ಲೈನ್ ಬೆಲೆ, ಹಳ್ಳಿಗಳ ಮನೆಬಾಡಿಗೆಯೂ ಈಗ ಲೆಕ್ಕಕ್ಕೆ ಬಂದಿವೆ. ಮುಖ್ಯ ಬದಲಾವಣೆ: ಆಹಾರದ ಪಾಲು 45.86%ರಿಂದ 36.75%ಕ್ಕೆ ಇಳಿಯಿತು, ವಸತಿಯ ಪಾಲು ಏರಿತು. ಆದಾಯ ಹೆಚ್ಚಾದ ಕುಟುಂಬದ ಸಂಬಳದಲ್ಲಿ ಊಟಕ್ಕೆ ಹೋಗುವ ಪಾಲು ಕಡಿಮೆಯಾಗುತ್ತದೆ ಅಲ್ಲವೇ — ಹಾಗಾಗಿ ತರಕಾರಿ ಬೆಲೆ ಜಿಗಿದರೂ ಸೂಚ್ಯಂಕ ಮೊದಲಿನಂತೆ ಜಿಗಿಯುವುದಿಲ್ಲ. (→ English: Consumer Price Index · हिन्दी: उपभोक्ता मूल्य सूचकांक)

In exam EnglishOn 12 February 2026 the NSO released a new CPI series with base 2024=100, starting with the figures for January 2026 and replacing the series with base 2012=100. Its weights come from the Household Consumption Expenditure Survey 2023-24, so they reflect how families spend today. The basket grew from 299 to 358 items, now arranged in 12 divisions under the United Nations classification COICOP 2018 instead of the earlier six groups. Prices of some items are now also collected online, from e-commerce sites in large towns, and rent paid by rural households is counted for the first time. The most visible change is in the weights: food and beverages fell from 45.86 per cent of the basket to 36.75 per cent, while housing rose from 10.07 to 17.66 per cent. As households grow richer, food takes a smaller share of their budget, so a spike in vegetable prices now moves headline CPI less than it used to.

NSO ಸೂಚ್ಯಂಕ ಎಲ್ಲ ಕುಟುಂಬಗಳಿಗಾಗಿ. ಆದರೆ ಕಾರ್ಖಾನೆ ಕಾರ್ಮಿಕ, ಹೊಲದ ಕೂಲಿಯವರ ಖರ್ಚು ಬೇರೆಯಲ್ಲವೇ — ಅವರಿಗಾಗಿ ಕಾರ್ಮಿಕ ಸಚಿವಾಲಯದ ಲೇಬರ್ ಬ್ಯೂರೋ ಬೇರೆ ಸೂಚ್ಯಂಕಗಳನ್ನು ತಯಾರಿಸುತ್ತದೆ. ಕೈಗಾರಿಕಾ ಕಾರ್ಮಿಕರ ಸೂಚ್ಯಂಕದಿಂದ (CPI-IW, ಆಧಾರ 2016) ಸರ್ಕಾರಿ ನೌಕರರ ತುಟ್ಟಿಭತ್ಯೆ (DA) ಮತ್ತು ಅನೇಕ ಕಾರ್ಮಿಕರ ಸಂಬಳ ಪರಿಷ್ಕರಿಸುತ್ತಾರೆ. ಕೃಷಿ ಮತ್ತು ಗ್ರಾಮೀಣ ಕೂಲಿಕಾರರ ಸೂಚ್ಯಂಕಗಳು (CPI-AL, CPI-RL) 2025ರಲ್ಲಿ 1986-87ರಿಂದ 2019 ಆಧಾರಕ್ಕೆ ಬದಲಾದವು; ಇವುಗಳಿಂದ ಕೃಷಿಯ ಕನಿಷ್ಠ ಕೂಲಿ ಪರಿಷ್ಕರಿಸುತ್ತಾರೆ. (→ English: Consumer Price Index for Industrial Workers · हिन्दी: औद्योगिक श्रमिकों के लिए उपभोक्ता मूल्य सूचकांक)

In exam EnglishThe NSO's CPI covers all households, but some purposes need an index for a particular group of workers. These are compiled by the Labour Bureau of the Ministry of Labour and Employment, not by the NSO. The Consumer Price Index for Industrial Workers (CPI-IW), with base 2016=100, follows the cost of living of workers in factories, mines, plantations and similar establishments, and it is used to revise the dearness allowance of government employees and the wages of many industrial workers. The Consumer Price Indices for Agricultural Labourers and Rural Labourers (CPI-AL and CPI-RL) follow the spending of labour households in villages; in 2025 their base was moved from 1986-87 to 2019=100. They are used, among other things, to revise minimum wages in agriculture.

ಸಗಟು ಬೆಲೆ ಸೂಚ್ಯಂಕ ಬೆಲೆಯನ್ನು ಹಿಂದಿನ ಹಂತದಲ್ಲಿ ನೋಡುತ್ತದೆ — ಅಂಗಡಿ ಕೌಂಟರ್‌ಗೆ ಬರುವ ಮೊದಲು ಉತ್ಪಾದಕ ಮತ್ತು ವ್ಯಾಪಾರಿಯ ನಡುವೆ ದೊಡ್ಡ ಪ್ರಮಾಣದಲ್ಲಿ ಕೈ ಬದಲಾಯಿಸುವ ಬೆಲೆ. ಉದಾಹರಣೆಗೆ ಮೂಟೆ ಲೆಕ್ಕದಲ್ಲಿ ಅಕ್ಕಿ ಗಿರಣಿಯಿಂದ ಸಗಟು ವ್ಯಾಪಾರಿಗೆ ಹೋಗುವ ಬೆಲೆ. ಇದನ್ನು ವಾಣಿಜ್ಯ ಸಚಿವಾಲಯದ DPIIT ಅಡಿಯ ಆರ್ಥಿಕ ಸಲಹೆಗಾರರ ಕಚೇರಿ ಪ್ರತಿ ತಿಂಗಳ 14ರಂದು ಬಿಡುಗಡೆ ಮಾಡುತ್ತದೆ. ಇದು ಸರಕುಗಳಿಗೆ ಮಾತ್ರ; ಬಸ್ ದರ, ಶಾಲಾ ಶುಲ್ಕ, ಚಿಕಿತ್ಸೆ, ಬಾಡಿಗೆಯಂಥ ಸೇವೆಗಳು ಇದರಲ್ಲಿಲ್ಲ. 15 ಜೂನ್ 2026ರಂದು 2022-23 ಆಧಾರದ ಹೊಸ ಸರಣಿ ಬಂತು, ವಸ್ತುಗಳು 697ರಿಂದ 957. ತೂಕಗಳು: ಪ್ರಾಥಮಿಕ ವಸ್ತುಗಳು 22.76%, ಇಂಧನ-ವಿದ್ಯುತ್ 14.11%, ತಯಾರಿಕಾ ಉತ್ಪನ್ನಗಳು 63.13%. ಹಾಗಾಗಿ ಕಚ್ಚಾ ತೈಲ, ಲೋಹಗಳ ಬೆಲೆ ಬದಲಾದರೆ ಇದು ಬೇಗ ಚಲಿಸುತ್ತದೆ. (→ English: Wholesale Price Index · हिन्दी: थोक मूल्य सूचकांक)

In exam EnglishThe Wholesale Price Index (WPI) looks at prices at an earlier stage: the price at which goods change hands in bulk, between producers and traders, before they reach the shop counter. It is compiled by the Office of the Economic Adviser in the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry, and is released on the 14th of every month. The WPI covers goods only; services such as transport, education, health care and rent are outside it. A new series with base 2022-23 was launched on 15 June 2026, replacing the 2011-12 series and enlarging the basket from 697 to 957 items. Its three major groups and their weights are primary articles (22.76 per cent), fuel and power (14.11 per cent) and manufactured products (63.13 per cent). So the WPI leans heavily towards factory goods, and it reacts quickly to changes in the prices of crude oil, metals and other traded commodities.

ಹೊಸ ಸಗಟು ಸೂಚ್ಯಂಕದ ಜೊತೆ 'ಉತ್ಪಾದಕ ಬೆಲೆ ಸೂಚ್ಯಂಕಗಳು' (PPI) ಆರಂಭವಾದವು: ಉತ್ಪಾದನಾ PPI, ತಯಾರಿಕಾ ವಲಯಕ್ಕೆ ಪ್ರಾಯೋಗಿಕ ಇನ್‌ಪುಟ್ PPI, ಏಳು ಸೇವೆಗಳಿಗೆ ಮೂರು ತಿಂಗಳಿಗೊಮ್ಮೆ ಬರುವ ಸೇವಾ PPI. ಕಬ್ಬು ಬೆಳೆಗಾರನಿಂದ ಸಕ್ಕರೆ ಕಾರ್ಖಾನೆ, ಅಲ್ಲಿಂದ ಸಿಹಿ ಅಂಗಡಿವರೆಗೆ — ಪ್ರತಿ ಹಂತದಲ್ಲಿ ಉತ್ಪಾದಕನಿಗೆ ಸಿಗುವ ಬೆಲೆಯನ್ನು ನೋಡುವುದು PPI; ಸಗಟು ಸೂಚ್ಯಂಕದಂತಲ್ಲದೆ ಸೇವೆಗಳನ್ನೂ ನೋಡಬಲ್ಲದು. ಸರ್ಕಾರ ಹೇಳಿದಂತೆ ಸಗಟು ಸೂಚ್ಯಂಕ ಐದು ವರ್ಷ ಮುಂದುವರಿದು ನಂತರ PPIಗೆ ದಾರಿ ಮಾಡಿಕೊಡುತ್ತದೆ. (→ English: Producer Price Index · हिन्दी: उत्पादक मूल्य सूचकांक)

In exam EnglishAlong with the new WPI, the Office of the Economic Adviser launched a family of Producer Price Indices (PPIs): an output PPI, a trial input PPI for manufacturing, and service PPIs for seven services, which come out every quarter. A PPI looks at prices from the producer's side, at different stages of production; unlike the WPI it can extend to services. The government has said that the WPI will be compiled for five years and then discontinued in favour of the PPIs.

ಈ ಎರಡು ಸೂಚ್ಯಂಕಗಳು ಒಂದೇ ಕಥೆ ಹೇಳುವುದಿಲ್ಲ, ಏಕೆಂದರೆ ಅಳೆಯುವುದು ಬೇರೆ. ಗ್ರಾಹಕ ಬೆಲೆ ಸೂಚ್ಯಂಕ ನಾವು ಕೊಳ್ಳುವ ಸರಕು ಮತ್ತು ಸೇವೆಗಳು — ಚಿಲ್ಲರೆ ಬೆಲೆಯಲ್ಲಿ; ಅದರಲ್ಲಿ ಆಹಾರದ ಪಾಲು ದೊಡ್ಡದು. ಸಗಟು ಬೆಲೆ ಸೂಚ್ಯಂಕ ಸರಕುಗಳು ಮಾತ್ರ, ಸಗಟು ಮಾರಾಟದ ಹಂತದಲ್ಲಿ; ಅದರಲ್ಲಿ ಕಾರ್ಖಾನೆ ಉತ್ಪನ್ನಗಳದ್ದೇ ದೊಡ್ಡ ಪಾಲು. 2015ರಲ್ಲಿ ಜಗತ್ತಿನಲ್ಲಿ ತೈಲ, ಲೋಹಗಳ ಬೆಲೆ ತೀವ್ರವಾಗಿ ಇಳಿದಾಗ ಸಗಟು ಹಣದುಬ್ಬರ ತಿಂಗಳುಗಟ್ಟಲೆ ಸೊನ್ನೆಗಿಂತ ಕೆಳಗಿತ್ತು, ಆದರೆ ನಮ್ಮ ಮನೆಖರ್ಚು (ಸೇವೆ, ಆಹಾರ) ಏರುತ್ತಲೇ ಇತ್ತು. ಜನರ ನಿರೀಕ್ಷೆ ಮತ್ತು ಸಂಬಳದ ಬೇಡಿಕೆ ಮನೆಖರ್ಚನ್ನೇ ಅವಲಂಬಿಸುತ್ತವೆ — ಹಾಗಾಗಿ 2014ರಲ್ಲಿ ಊರ್ಜಿತ್ ಪಟೇಲ್ ಸಮಿತಿ 'ಸಂಯೋಜಿತ' ಗ್ರಾಹಕ ಸೂಚ್ಯಂಕವನ್ನು ಮುಖ್ಯ ಅಳತೆಯಾಗಿ ಸೂಚಿಸಿತು; ಅಂದಿನಿಂದ RBI ಅದನ್ನೇ ಹಿಡಿದಿದೆ. (→ English: Consumer Price Index · Wholesale Price Index · inflation · हिन्दी: उपभोक्ता मूल्य सूचकांक · थोक मूल्य सूचकांक · मुद्रास्फीति)

In exam EnglishCPI and WPI often tell different stories because they measure different things. The CPI covers goods and services at retail prices paid by households, and food is its largest division; the WPI covers goods only, at the stage of bulk sale, and is dominated by manufactured products. When global crude oil and metal prices fell sharply in 2015, WPI inflation in India was below zero for months while CPI inflation stayed positive, since services and food in the consumer basket kept getting dearer. For monetary policy the CPI is the better guide: it reflects the cost of living that shapes people's expectations and wage demands. That was the reasoning of the Expert Committee to Revise and Strengthen the Monetary Policy Framework, chaired by Urjit Patel, whose report in 2014 recommended CPI (Combined) as the main measure, and the RBI has used it as its anchor since then.

India's main price measures at a glance
Measure	Compiled by	Base	Covers	Main use
CPI (Rural, Urban, Combined)	NSO, MoSPI	2024=100	Retail prices of goods and services, all households	Inflation target (CPI Combined)
CPI-IW	Labour Bureau	2016=100	Industrial workers' consumption	Dearness allowance, wages
CPI-AL and CPI-RL	Labour Bureau	2019=100	Agricultural and rural labour households	Minimum wages in agriculture
WPI	Office of the Economic Adviser, DPIIT	2022-23	Goods only, at bulk sale	Cost pressures on producers
GDP deflator	NSO, MoSPI	Base year of national accounts	All goods and services produced in India	Converting nominal GDP to real GDP

ಇಡೀ ಚೀಲದ ದರವನ್ನು 'ಹೆಡ್‌ಲೈನ್' ಹಣದುಬ್ಬರ ಎನ್ನುತ್ತಾರೆ. ಅದರಲ್ಲಿ ಆಹಾರ, ಇಂಧನದ ಬೆಲೆಗಳು ಮಳೆ, ಚಂಡಮಾರುತ, ಜಾಗತಿಕ ತೈಲ ಬೆಲೆಯಿಂದ ಏರಿಳಿಯುತ್ತವೆ. ಆ ಎರಡನ್ನೂ ತೆಗೆದು ಉಳಿದುದರ ದರವೇ ಮೂಲ ಹಣದುಬ್ಬರ — ಜ್ವರ ನೋಡುವಾಗ ಬಿಸಿ ಚಹಾ ಕುಡಿದ ತಕ್ಷಣವಲ್ಲ, ಸ್ವಲ್ಪ ಹೊತ್ತು ಬಿಟ್ಟು ನೋಡಿದಂತೆ, ನಿಜವಾದ ತಾಪಮಾನ ತೋರಿಸುತ್ತದೆ. ಮಳೆ ಕೈಕೊಟ್ಟು ಬೇಳೆ, ತರಕಾರಿ ಬೆಲೆ ಏರಿದರೆ ಹೆಡ್‌ಲೈನ್ ಜಿಗಿಯುತ್ತದೆ; ಮೂಲ ಸ್ಥಿರವಾಗಿದ್ದರೆ ಒತ್ತಡ ತಾತ್ಕಾಲಿಕ. ಮೂಲವೂ ಏರಿದರೆ ಬಟ್ಟೆ, ಸೇವೆ, ಮನೆಸಾಮಾನುಗಳ ಬೆಲೆಯೂ ಏರುತ್ತಿದೆ, ಒತ್ತಡ ವ್ಯಾಪಕ ಎಂದರ್ಥ. ಇದು ಬೇರೆ ಅಧಿಕೃತ ಸೂಚ್ಯಂಕವಲ್ಲ, ಲೆಕ್ಕ ಹಾಕಿ ತೆಗೆಯುತ್ತಾರೆ. RBI ಇದನ್ನು ಗಮನಿಸುತ್ತದೆ, ಆದರೆ ಗುರಿ ಇಡೀ ಸೂಚ್ಯಂಕದ ಮೇಲೆಯೇ. (→ English: core inflation · हिन्दी: कोर मुद्रास्फीति)

In exam EnglishHeadline inflation is the rate for the whole CPI basket. Food and fuel prices swing sharply for reasons unrelated to demand, such as a failed monsoon, a cyclone or a jump in world oil prices. core inflation removes food and fuel from the basket to show the underlying, more persistent trend in prices. Suppose a poor monsoon pushes up the prices of pulses and vegetables: headline inflation jumps, but if core inflation stays steady, the pressure is probably temporary and narrow. If core inflation is rising, prices of clothing, services and household goods are climbing too, which signals broad pressure from demand or from expectations. Core inflation is not a separate official index; it is worked out by leaving out the food and fuel parts of the CPI. The RBI watches it, but its target is set for headline CPI.

ಸಾಮಾನ್ಯ ದರ ಈ ತಿಂಗಳನ್ನು ಕಳೆದ ವರ್ಷದ ಅದೇ ತಿಂಗಳ ಜೊತೆ ಹೋಲಿಸುವುದರಿಂದ ಕಳೆದ ವರ್ಷದ ಬೆಲೆಗಳನ್ನೂ ಅವಲಂಬಿಸುತ್ತದೆ — ಇದೇ ಆಧಾರ ಪರಿಣಾಮ. ಒಬ್ಬ ವಿದ್ಯಾರ್ಥಿ ಕಳೆದ ಪರೀಕ್ಷೆಯಲ್ಲಿ 95 ಪಡೆದಿದ್ದ ಅಂದುಕೊಳ್ಳಿ; ಈ ಬಾರಿ 97 ಬಂದರೂ 'ಏರಿಕೆ' ಸಣ್ಣದಾಗಿಯೇ ಕಾಣುತ್ತದೆ. ಹಾಗೆಯೇ ಕಳೆದ ಅಕ್ಟೋಬರ್‌ನಲ್ಲಿ ತರಕಾರಿ ಬೆಲೆ ಜಿಗಿದಿದ್ದರೆ ಈ ಅಕ್ಟೋಬರ್ ದರ ಕಡಿಮೆ ಕಾಣುತ್ತದೆ — ಬೆಲೆ ಇನ್ನೂ ಏರುತ್ತಿದ್ದರೂ. ಈಗಿನ ವೇಗ ನೋಡಲು ಈ ತಿಂಗಳನ್ನು ಹಿಂದಿನ ತಿಂಗಳ ಜೊತೆ ಹೋಲಿಸಬೇಕು. ಎಲ್ಲಕ್ಕಿಂತ ವಿಶಾಲ ಅಳತೆ ಜಿಡಿಪಿ ಡಿಫ್ಲೇಟರ್ — ದೇಶದಲ್ಲಿ ಉತ್ಪಾದನೆಯಾಗುವ ಪ್ರತಿ ಸರಕು, ಸೇವೆ; ಆಮದು ಇಲ್ಲ. ಆದರೆ ಅದು ಮೂರು ತಿಂಗಳಿಗೊಮ್ಮೆ ಜಿಡಿಪಿ ಜೊತೆಯೇ ಬರುತ್ತದೆ, ತಿಂಗಳ ನಿರ್ಧಾರಗಳಿಗೆ ನೆರವಾಗದು. (→ English: base effect · GDP deflator · हिन्दी: आधार प्रभाव · जीडीपी अपस्फीतिकारक)

In exam EnglishBecause the usual inflation rate compares a month with the same month a year earlier, it depends on last year's prices as well as this year's. This is the base effect. Suppose vegetable prices shot up last October: this October the year-on-year rate may look low even if prices are still rising, because the comparison is with an unusually high base (a favourable base effect); if last October was unusually cheap, this year's rate looks high (an unfavourable one). The month-on-month change, which compares a month with the one just before, shows current momentum more directly. The broadest price measure of all is the GDP deflator, the ratio of nominal GDP to real GDP multiplied by 100. It covers every good and service produced in the country and it excludes imports, but it comes out only with the GDP estimates every quarter, so it cannot guide monthly decisions the way the CPI does.

ಎಲ್ಲವನ್ನೂ ಸೇರಿಸಿ ನೋಡಿದರೆ ಪ್ರತಿ ಸೂಚ್ಯಂಕ ಒಂದೊಂದು ಪ್ರಶ್ನೆಗೆ ಉತ್ತರ. ಒಂದೇ ಮನೆಗೆ ಬೇರೆ ಬೇರೆ ಮೀಟರ್ ಇರುವಂತೆ — ವಿದ್ಯುತ್ ಮೀಟರ್, ನೀರಿನ ಮೀಟರ್, ಗ್ಯಾಸ್ ಮೀಟರ್. NSO ಗ್ರಾಹಕ ಸೂಚ್ಯಂಕ: ಕುಟುಂಬಗಳ ಜೀವನ ವೆಚ್ಚ ಏನಾಗುತ್ತಿದೆ; ಅದರ 'ಸಂಯೋಜಿತ' ಸೂಚ್ಯಂಕವೇ ದೇಶದ ಗುರಿ. ಲೇಬರ್ ಬ್ಯೂರೋ ಸೂಚ್ಯಂಕಗಳು: ಕಾರ್ಮಿಕರು, ಗ್ರಾಮೀಣ ಕೂಲಿಕಾರರ ಖರ್ಚು. ಸಗಟು ಸೂಚ್ಯಂಕ ಮತ್ತು ಅದರ ಜಾಗಕ್ಕೆ ಬರುವ PPI: ಉತ್ಪಾದಕರು, ವ್ಯಾಪಾರಿಗಳಿಗೆ ಸಿಗುವ ಬೆಲೆ — ನಂತರ ನಮಗೆ ತಲುಪುವ ಖರ್ಚಿನ ಮುನ್ಸೂಚನೆ. ಡಿಫ್ಲೇಟರ್: ಇಡೀ ಆರ್ಥಿಕತೆಯ ಬೆಲೆ. ಎಲ್ಲವೂ ಚೀಲ, ತೂಕಗಳನ್ನು ಅವಲಂಬಿಸಿರುವುದರಿಂದ ಅವನ್ನು ನವೀಕರಿಸುತ್ತಾರೆ: ಈಗ ಗ್ರಾಹಕ ಸೂಚ್ಯಂಕದ ಆಧಾರ 2024, ಸಗಟು ಸೂಚ್ಯಂಕದ್ದು 2022-23. (→ English: price index · हिन्दी: मूल्य सूचकांक)

In exam EnglishPut together, each measure answers a different question. The NSO's CPI asks what is happening to the cost of living of households, and its Combined index is the one India targets. The Labour Bureau's indices ask the same question for industrial workers and rural labourers. The WPI, and the PPIs that will replace it, ask what is happening to prices received by producers and traders, often an early sign of costs that will later reach consumers. The GDP deflator asks what is happening to prices across the whole economy's output. All of them depend on a basket and weights, which is why they are refreshed: the CPI now uses base 2024 and the WPI base 2022-23. Part 2 builds on this to explain why prices rise and how the inflation target is pursued.

Exam traps

CPI (Rural, Urban, Combined) is compiled by the NSO under MoSPI; CPI-IW, CPI-AL and CPI-RL by the Labour Bureau; the WPI by the Office of the Economic Adviser, DPIIT, Ministry of Commerce and Industry. The RBI compiles none of them.
Current bases: CPI 2024=100 (new series released 12 February 2026, with January 2026 data); WPI 2022-23 (launched 15 June 2026); CPI-IW 2016=100; CPI-AL/RL 2019=100. Older books still show 2012 and 2011-12.
The WPI covers goods only, not services; the CPI covers both.
The largest weight in the WPI is manufactured products (63.13 per cent in the 2022-23 series); the largest division in the CPI is still food and beverages, though its weight fell to 36.75 per cent in the 2024 series.
India's inflation target is set in terms of CPI (Combined), not WPI and not core inflation.
Core inflation excludes food and fuel; it is not a separate official index.
A fall in year-on-year inflation does not mean prices fell: a high base last year can make the rate look low while prices still rise.
The GDP deflator covers all domestically produced goods and services and excludes imports; it comes only with the quarterly and annual GDP estimates, never monthly like the CPI or WPI.

Recap

Inflation: a sustained rise in the general price level, i.e. a fall in the purchasing power of money.
A price index compares the cost of a weighted basket with a base period set at 100; the reported rate is usually year-on-year.
CPI (Rural, Urban, Combined): NSO, MoSPI; released on the 12th; new base 2024=100 from January 2026 data, 358 items, 12 divisions, HCES 2023-24 weights.
Food and beverages' weight in CPI fell from 45.86 to 36.75 per cent; housing rose from 10.07 to 17.66 per cent.
Labour Bureau: CPI-IW (2016=100) for dearness allowance; CPI-AL/RL (2019=100 since 2025) for agricultural minimum wages.
WPI: Office of the Economic Adviser, DPIIT; goods only; base 2022-23 from June 2026; manufactured products 63.13 per cent; to give way to producer price indices after five years.
CPI is the anchor for monetary policy since the Urjit Patel Committee (2014); core inflation removes food and fuel.
Base effect: last year's level shapes this year's rate; the GDP deflator is the broadest measure but quarterly.

Practice questions

Q1. The Consumer Price Index for Industrial Workers (CPI-IW) is compiled by:

National Statistics Office
Labour Bureau
Office of the Economic Adviser, DPIIT
Reserve Bank of India

Show answer

Answer: B. Labour Bureau

The Labour Bureau of the Ministry of Labour and Employment compiles CPI-IW (and CPI-AL/RL). The NSO compiles the CPI (Rural, Urban, Combined), not CPI-IW; the Office of the Economic Adviser compiles the WPI; the RBI uses price indices but compiles none of these.

Q2. Consider the following statements:
1. The Wholesale Price Index covers both goods and services.
2. The weights of the CPI series with base 2024=100 are based on the Household Consumption Expenditure Survey 2023-24.
Which of the statements given above is/are correct?

1 only
2 only
Both 1 and 2
Neither 1 nor 2

Show answer

Answer: B. 2 only

Statement 1 is wrong: the WPI covers goods only. Statement 2 is correct: the new CPI takes its weights from HCES 2023-24. So '1 only' and 'both' are wrong, and 'neither' misses statement 2.

Q3. Match List I (Index) with List II (Compiled by):
List I: A. CPI (Combined) B. WPI C. CPI-AL
List II: 1. Labour Bureau 2. National Statistics Office 3. Office of the Economic Adviser, DPIIT
Select the correct answer using the code given below:

A-2, B-3, C-1
A-1, B-3, C-2
A-2, B-1, C-3
A-3, B-2, C-1

Show answer

Answer: A. A-2, B-3, C-1

CPI (Combined) is compiled by the NSO (A-2), the WPI by the Office of the Economic Adviser (B-3) and CPI-AL by the Labour Bureau (C-1). The second code gives CPI (Combined) to the Labour Bureau; the third gives the WPI to the Labour Bureau; the fourth gives CPI (Combined) to the Office of the Economic Adviser.

Q4. In the Wholesale Price Index with base 2022-23, which major group carries the largest weight?

Primary articles
Fuel and power
Manufactured products
Food articles

Show answer

Answer: C. Manufactured products

Manufactured products carry 63.13 per cent. Primary articles have 22.76 per cent and fuel and power 14.11 per cent; food articles are only a sub-group within primary articles, so they cannot be the largest.

Q5. Consider the following statements about core inflation:
1. It leaves out food and fuel from the consumer basket.
2. India's statutory inflation target is defined in terms of core inflation.
3. It is usually more volatile than headline inflation.
Which of the statements given above is/are correct?

1 only
1 and 2 only
2 and 3 only
1, 2 and 3

Show answer

Answer: A. 1 only

Only statement 1 is correct. The target is defined for headline CPI (Combined), not core, so statement 2 is wrong; and because the volatile food and fuel items are removed, core inflation is steadier than headline, so statement 3 is wrong. Every option other than '1 only' includes a wrong statement.

Q6. Year-on-year CPI inflation falls from 6 per cent in one month to 3 per cent a few months later. This means that:

The general price level has fallen
The economy is in deflation
Prices are still higher than a year earlier, but rising more slowly
The CPI index number has fallen below 100

Show answer

Answer: C. Prices are still higher than a year earlier, but rising more slowly

A positive inflation rate, even a lower one, means prices are still above their level a year ago. The price level falls only when inflation is negative, so the first two options are wrong; and the index stays above the level of a year ago, so nothing suggests it has dropped below the base value of 100.

Q7. Consider the following statements about the GDP deflator:
1. It includes the prices of imported goods.
2. It includes the prices of services produced in the country.
Which of the statements given above is/are correct?

1 only
2 only
Both 1 and 2
Neither 1 nor 2

Show answer

Answer: B. 2 only

Statement 1 is wrong: the deflator is built from domestic production, so imports are excluded. Statement 2 is correct: it covers all goods and services produced in India. So '1 only' and 'both' are wrong, and 'neither' misses statement 2.

Q8. With reference to the Consumer Price Index series with base 2024=100, consider the following statements:
1. Items are arranged in 12 divisions following COICOP 2018.
2. The weight of food and beverages is higher than in the 2012 series.
3. Prices of some items are collected from online markets.
Which of the statements given above are correct?

1 and 2 only
1 and 3 only
2 and 3 only
1, 2 and 3

Show answer

Answer: B. 1 and 3 only

Statements 1 and 3 are correct. Statement 2 is wrong: the food and beverages weight fell from 45.86 to 36.75 per cent. So every option containing statement 2 is wrong.

All parts Next: Part 2 →

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Sources

National Statistics Office, MoSPI: press release and technical note on the Consumer Price Index (Rural, Urban, Combined), new series with base 2024=100, for January 2026 (12 February 2026) — https://www.mospi.gov.in
Office of the Economic Adviser, DPIIT, Ministry of Commerce and Industry: press release on the new series of the Wholesale Price Index and Producer Price Indices with base 2022-23 (15 June 2026) — https://www.eaindustry.nic.in
Labour Bureau, Ministry of Labour and Employment: Consumer Price Index for Industrial Workers (base 2016=100) and for Agricultural and Rural Labourers (base 2019=100) — https://www.labourbureau.gov.in
Reserve Bank of India: Report of the Expert Committee to Revise and Strengthen the Monetary Policy Framework (2014); Monetary Policy Reports — https://www.rbi.org.in
Economic Survey, Ministry of Finance, Government of India (chapters on prices and inflation) — https://www.indiabudget.gov.in/economicsurvey/