UPSC Prelims Practice Questions — PRESS RELEASE ON NEW SERIES OF WHOLESALE PRICE INDEX, AND PRODUCER PRICE INDICES WITH BASE YEAR 2022-23

Question 1

The 'Office of the Economic Adviser', which released the new series of Wholesale Price Index and Producer Price Indices (Base 2022-23) in June 2026, functions under which one of the following?

Accepted Answer

Department for Promotion of Industry and Internal Trade, Ministry of Commerce & Industry

Answer

Department of Economic Affairs, Ministry of Finance

Answer

Department of Commerce, Ministry of Commerce & Industry

Answer

National Statistical Office, Ministry of Statistics and Programme Implementation

Question 2

Which one of the following years was adopted as the FIRST base year of the All-India Wholesale Price Index series in independent India?

Accepted Answer

1952-53

Answer

1961-62

Answer

1970-71

Answer

1981-82

Question 3

With reference to the Service Producer Price Index (Service PPI) launched by the Office of the Economic Adviser, DPIIT in June 2026, how many services are covered in its first phase?

Accepted Answer

Seven

Answer

Five

Answer

Nine

Answer

Twelve

Question 4

In the context of the new price indices released by the Office of the Economic Adviser (DPIIT) in 2026, the Output Producer Price Index (OPPI) is best defined as an index measuring changes in:

Accepted Answer

Prices received by domestic producers for the goods they sell, measured ex-factory before indirect taxes and trade margins

Answer

Retail prices paid by final consumers for a fixed basket of goods and services across rural and urban areas

Answer

Prices of bulk wholesale transactions, inclusive of indirect taxes and distribution margins, at the first point of sale

Answer

Prices of intermediate inputs and raw materials purchased by domestic producers from suppliers

Question 5

In the context of India's new price-index architecture launched in June 2026, which one of the following best describes a 'Producer Price Index (PPI)'?

Accepted Answer

An index of ex-factory transaction prices received by domestic producers for their output, excluding indirect taxes and trade margins

Answer

An index of retail prices paid by final consumers for a fixed basket of goods and services

Answer

An index of bulk transaction prices at the first point of wholesale sale, inclusive of indirect taxes

Answer

An implicit price deflator derived as the ratio of nominal to real Gross Value Added

Question 6

Which one of the following authorities compiles and releases the new series of Wholesale Price Index (base 2022-23) and the Producer Price Indices launched in June 2026?

Accepted Answer

Office of the Economic Adviser, Department for Promotion of Industry and Internal Trade, Ministry of Commerce and Industry

Answer

National Statistical Office, Ministry of Statistics and Programme Implementation

Answer

Monetary Policy Department, Reserve Bank of India

Answer

Department of Economic Affairs, Ministry of Finance

Question 7

With reference to the new series of the Wholesale Price Index (WPI) with base year 2022-23 released by the Office of the Economic Adviser, consider the following statements:
1. The item basket has been expanded from 697 items to 957 items.
2. Crude Petroleum and Natural Gas has been shifted from the 'Primary Articles' group to the 'Fuel and Power' group.
3. Solar, Wind and Nuclear Electricity have been newly added under the 'Electricity' sub-group.
4. A new Major Group titled 'Services' has been added to the WPI alongside Primary Articles, Fuel & Power, and Manufactured Products.
Which of the statements given above is/are correct?

Accepted Answer

1, 2 and 3 only

Answer

2 and 4 only

Answer

1, 3 and 4 only

Answer

1, 2, 3 and 4

Question 8

The Working Group constituted for the revision of the Wholesale Price Index, which produced the new series with base year 2022-23, was chaired by:

Accepted Answer

Dr. Ramesh Chand, Member, NITI Aayog

Answer

Dr. Abhijit Sen, former Member, Planning Commission

Answer

Dr. B. N. Goldar

Answer

Dr. Saumitra Chaudhuri, former Member, Planning Commission

Question 9

Which one of the following is the nodal authority that released the revised Wholesale Price Index series with base year 2022-23 along with the new Producer Price Indices in June 2026?

Accepted Answer

Office of the Economic Adviser, Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce & Industry

Answer

National Statistical Office (NSO), Ministry of Statistics and Programme Implementation

Answer

Department of Economic Affairs, Ministry of Finance

Answer

Department of Statistics and Information Management, Reserve Bank of India

Question 10

Under which section of the Reserve Bank of India Act, 1934, as amended in 2016, is the six-member Monetary Policy Committee (MPC) constituted for determining the policy rate required to achieve the CPI inflation target?

Accepted Answer

Section 45ZB

Answer

Section 45IA

Answer

Section 45ZA

Answer

Section 45W

Question 11

In the first phase of the Service Producer Price Index (Service PPI) launched by the Office of the Economic Adviser, DPIIT alongside the new WPI 2022-23 series, how many services are covered?

Accepted Answer

Seven

Answer

Five

Answer

Nine

Answer

Twelve

Question 12

With reference to international practice on Producer Price Indices (PPI) vis-à-vis India's Wholesale Price Index (WPI), consider the following statements:
1. The IMF's Producer Price Index Manual was prepared by an Inter-Secretariat Working Group on Price Statistics whose technical expert group was chaired by the IMF.
2. Unlike the WPI, the Producer Price Index, as conceptualised under the IMF/UN System of National Accounts framework, excludes indirect taxes on products and trade & transport margins from the price collected.
3. With the launch of the new 2022-23 series, the WPI in India will be discontinued immediately, with no parallel-run period alongside the PPI.
Which of the statements given above is/are correct?

Accepted Answer

1 and 2 only

Answer

2 and 3 only

Answer

1 and 3 only

Answer

1, 2 and 3

UPSC Prelims Practice Questions — PRESS RELEASE ON NEW SERIES OF WHOLESALE PRICE INDEX, AND PRODUCER PRICE INDICES WITH BASE YEAR 2022-23

Q1. The 'Office of the Economic Adviser', which released the new series of Wholesale Price Index and Producer Price Indices (Base 2022-23) in June 2026, functions under which one of the following?

Q2. Which one of the following years was adopted as the FIRST base year of the All-India Wholesale Price Index series in independent India?

Q3. With reference to the Service Producer Price Index (Service PPI) launched by the Office of the Economic Adviser, DPIIT in June 2026, how many services are covered in its first phase?

Q4. In the context of the new price indices released by the Office of the Economic Adviser (DPIIT) in 2026, the Output Producer Price Index (OPPI) is best defined as an index measuring changes in:

Q5. In the context of India's new price-index architecture launched in June 2026, which one of the following best describes a 'Producer Price Index (PPI)'?

Q6. Which one of the following authorities compiles and releases the new series of Wholesale Price Index (base 2022-23) and the Producer Price Indices launched in June 2026?

Q8. The Working Group constituted for the revision of the Wholesale Price Index, which produced the new series with base year 2022-23, was chaired by:

Q9. Which one of the following is the nodal authority that released the revised Wholesale Price Index series with base year 2022-23 along with the new Producer Price Indices in June 2026?

Q10. Under which section of the Reserve Bank of India Act, 1934, as amended in 2016, is the six-member Monetary Policy Committee (MPC) constituted for determining the policy rate required to achieve the CPI inflation target?

Q11. In the first phase of the Service Producer Price Index (Service PPI) launched by the Office of the Economic Adviser, DPIIT alongside the new WPI 2022-23 series, how many services are covered?