Frequently Asked Questions (FAQs) relating to Consumer Price Index Numbers for Industrial Workers on Base 2001=100 -AICPIN
1. What does Consumer Price Index signify? Consumer Price Index (CPI) is designed to measure the changes over time in the level of retail ...
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1. What does Consumer Price Index signify?
Consumer Price Index (CPI) is designed to measure the changes over time in the level of retail prices of a fixed set of goods and services consumed by an average family of a defined population group in a given area with reference to base year. It does not measure costliness of a place as the same involves quantity as well as price but in Consumer Price Index only price changes are reflected and not quantity changes. However, this aspect could be taken care of to some extent, by revising the base year of the index at short intervals, so that relative importance of items in the family budget of the given population based on latest consumption pattern is reflected in the index.
2. Does CPI differ from Cost of Living Index?
Consumer Price Index is different from Cost of Living Index as it does not take into account the level of living i.e. level relating to health, education, working conditions, service conditions, housing conditions, indebtedness, savings etc., of the population.
3. How is CPI different from WPI?
The Consumer Price Index differs from the Wholesale Price Index in the sense that WPI is based on value of domestic production, imports and wholesale prices whereas Consumer Price Index is based on average expenditure reported on the items consumed by given population and retail prices.
4. For whom Consumer Price Index is compiled in India?
In India, Consumer Price Indices are compiled for five different segments of population namely industrial workers, agricultural labourers, rural labourers, urban population and rural population. The first three indices are being compiled by Labour Bureau, Shimla and the last one by Central Statistical Organisation based at New Delhi. The Consumer Price Index Numbers for Industrial Workers (CPI-IW) is being compiled for the industrial workers employed in any one of the seven sectors viz. a) factories, b) mines, c) plantations, d) railways, e) public motor transport undertakings, f) electricity generation and distribution establishments, and g) ports and docks.
5. How has the working class family been defined?
A working class family has been defined as one wherein one of the family members work as a manual worker in one of the 7 sectors as listed above and which derive one-half or more of its income through manual work.
Source:labour bureau
Consumer Price Index (CPI) is designed to measure the changes over time in the level of retail prices of a fixed set of goods and services consumed by an average family of a defined population group in a given area with reference to base year. It does not measure costliness of a place as the same involves quantity as well as price but in Consumer Price Index only price changes are reflected and not quantity changes. However, this aspect could be taken care of to some extent, by revising the base year of the index at short intervals, so that relative importance of items in the family budget of the given population based on latest consumption pattern is reflected in the index.
2. Does CPI differ from Cost of Living Index?
Consumer Price Index is different from Cost of Living Index as it does not take into account the level of living i.e. level relating to health, education, working conditions, service conditions, housing conditions, indebtedness, savings etc., of the population.
3. How is CPI different from WPI?
The Consumer Price Index differs from the Wholesale Price Index in the sense that WPI is based on value of domestic production, imports and wholesale prices whereas Consumer Price Index is based on average expenditure reported on the items consumed by given population and retail prices.
4. For whom Consumer Price Index is compiled in India?
In India, Consumer Price Indices are compiled for five different segments of population namely industrial workers, agricultural labourers, rural labourers, urban population and rural population. The first three indices are being compiled by Labour Bureau, Shimla and the last one by Central Statistical Organisation based at New Delhi. The Consumer Price Index Numbers for Industrial Workers (CPI-IW) is being compiled for the industrial workers employed in any one of the seven sectors viz. a) factories, b) mines, c) plantations, d) railways, e) public motor transport undertakings, f) electricity generation and distribution establishments, and g) ports and docks.
5. How has the working class family been defined?
A working class family has been defined as one wherein one of the family members work as a manual worker in one of the 7 sectors as listed above and which derive one-half or more of its income through manual work.
Source:labour bureau
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