Wednesday, September 11, 2013

Labour Bureau forms committee to Update Base Year for inflation index

New Index to be formulated with Base Year 2013-14 

     (CPI-IW)  2013-14=100

Background of CPI-IW series:
 The CPI-IW series on scientific lines was first introduced with base 1960=100 which was based on the results of Family Living Survey conducted in 1958-59 at 50 industrially important centres. The series was then, updated on base 1982=100 and a revision in 1999-2000 has further updated the base on 2001=100. The current series of CPI-IW  with base year 2001=100 covers 78 industrially important centers spread across the country.
Need for Base Updation:
The consumption pattern of the working class population undergoes change over a period of time and therefore, it becomes necessary that the consumption basket is updated from time to time to account for these changes and to maintain the representative character of the index. The need for frequent revision of base on account of fast changing consumption pattern of the target group has been recommended by International Labour Organisation, National Statistical Commission, National Commission on Labour and also Technical Advisory Committee on Statistics of Prices and Cost of Living. Also this recommendation was strongly reiterated by the Index Review Committee set up under the Chairmanship of Prof. Chadha which inter-alia stated that the intervening gap between the two series should not exceed 10 years. Labour Bureau accordingly, has proposed to revise the base year of the existing CPI-IW series 2001=100 to a more recent base year preferably, 2013-2014=100.

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