India’s wholesale inflation soared to a three-decade high in April as high commodity prices and supply-chain disruptions pushed up input costs for producers. The annual rate of inflation was 15.08% (Provisional) for the month of April 2022 (Y-o-Y) as compared to 10.74% in April 2021.
The base year of All-India WPI has been revised from 2004-05 to-
Correct Answer :
2011-12
Solution :
The correct answer is 2011-12.
Wholesale Price Index (WPI) is a key indicator used to measure the average change in the prices of goods in the wholesale market. To ensure that the index accurately reflects the current structure of the economy, the government periodically updates its base year.
In May 2017, the Ministry of Commerce and Industry revised the base year of the All-India Wholesale Price Index (WPI) from 2004-05 to 2011-12. This revision was done to align the WPI with other major macroeconomic indicators (such as the Consumer Price Index and the Index of Industrial Production) and to include a more representative basket of goods reflecting the modern economy.
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