The Ministry of Statistics and Programme Implementation (MoSPI) is releasing, through this press note, the Report of the Expert Group on Comprehensive Updation of the Consumer Price Index (CPI). Expert Group, constituted for base revision of CPI, has experts from eminent academic institutions, seniors officers from Reserve Bank of India and Government of India. To accurately capture the changing consumption behaviour of the households and to incorporate latest global best practices including methodological developments, the Expert Group extensively deliberated on all aspects of the CPI series in its meetings. The report outlines the processes adopted for the base revision exercise, details the enhancements and modifications introduced in the new CPI series i.e. in CPI 2024, and provides detailed recommendations of the Expert Group.

The major recommendations of the Expert Group include adoption of latest Classification of Individual Consumption According to Purpose (COICOP) 2018 framework up to the subclass level for classification of items, updation of CPI item basket and their corresponding weights using Household Consumption Expenditure Survey(HCES) 2023-24, use of latest technology for price data collection and compilation, inclusion of administrative and online/e-commerce data, methodological improvements in index compilation including house rent index and more granular data dissemination.

In CPI 2024 series, the item basket will comprise 358 weighted items, mapped to 12 Divisions, 43 Groups, 62 Classes and 192 Sub-classes in accordance with the COICOP 2018 classification. The structure of CPI 2024 series and weights at different levels of classification are provided in the report.

The release of this report aims to facilitate the users of CPI with better understanding and assimilation of CPI 2024 series before its release on 12th February 2026. The first release will provide indices from January 2025 onwards and inflation data for January 2026. The All-India level back series for the Rural, Urban, and Combined sectors, from January 2013 onwards, will also be released on 12th February, 2026.

(Scan the QR code below to access the Expert Group Report)

****

Samrat/

(Release ID: 2220040) Visitor Counter : 715