CONSUMER PRICE INDEX FOR INDUSTRIAL WORKERS (CPI-IW)
Introduction to CPI-IW:
The Consumer Price Index for Industrial Workers (CPI-IW) measures the relative changes in retail prices of a fixed basket of goods and services consumed by industrial workers. This index is crucial for regulating wages and dearness allowance for millions of workers and employees in India. It also helps in measuring inflation and formulating policies.
History and Base Years:
- 1944 to 1949: Initial compilation of CPI-IW.
- 1949 to 1960: Revised base.
- 1960 to 1982: Further revision.
- 1982 to 2001: Continued updates.
- 2001 to 2016: Previous base year.
- 2016: Current base year, effective from September 2020.
Current Practices:
- House Rent Surveys: Conducted every six months in 88 centers across India to collect house rent data.
- Monthly Indices: CPI-IW indices are released monthly, with the previous month’s index published on the last day of the current month.
- Retail Price Indices: Compiled for 31 selected commodities in urban areas for 88 selected centers, supplied to the Ministry of Consumer Affairs for price monitoring.
Technical Approval:
The methodology and compilation of the CPI-IW have the approval of the Technical Advisory Committee on Statistics of Prices and Cost of Living (TAC on SPCL).
FAQs
1. What is the Consumer Price Index for Industrial Workers (CPI-IW)?
CPI-IW measures the changes in retail prices of goods and services consumed by industrial workers, used to regulate wages and dearness allowance.
2. What is the base year for the current CPI-IW series?
The current base year is 2016, effective from September 2020.
3. How often is the CPI-IW released?
The index is released monthly, with the previous month’s index published on the last day of the current month.
4. What is the purpose of the House Rent Surveys?
The surveys collect house rent data every six months to compile the Housing Index, which is part of the CPI-IW.
5. How are Retail Price Indices compiled?
The Labour Bureau compiles monthly Retail Price Indices for 31 selected commodities in urban areas for 88 centers. These indices are used by the Ministry of Consumer Affairs to monitor and regulate prices.
6. Who approves the technical details of the CPI-IW surveys?
The Technical Advisory Committee on Statistics of Prices and Cost of Living (TAC on SPCL) approves the technical details.
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