ET Year-end Special Reads
The base year for the Consumer Price Index is being revised to 2024 with weights of items based on Household Consumption Expenditure Survey (HCES) 2022-23. At present, the base year is 2012.
The ministry has invited suggestions by researchers, academicians and others by January 15.
The ministry is examining whether to include free PDS items in the CPI basket and how to address the reduction or increase in their prices during an ongoing series. This challenge came into focus with the implementation of a new integrated food security scheme under the National Food Security Act (NFSA), according to a discussion paper on the treatment of PDS items and other free social transfers in Consumer Price Index Compilation released by the ministry.
The Centre initiated this scheme to provide free food grains for one year to beneficiaries under the Antyodaya Anna Yojana (AAY) and Priority Households (PHH) categories.
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If an item’s expenditure share is not available due to free distribution, it will not have any positive weight and further the base price and current price for such items will also be zero. Therefore, such items are excluded from the basket according to international practices, the ministry said in the paper.