UPSC Prelims Practice Questions — Retail inflation at 2.75% in new Consumer Price Index with 2024 as the base year

Q1. With reference to the new Consumer Price Index (CPI) series with 2024 as the base year released by MoSPI, consider the following statements regarding the changes from the earlier 2012 series. Which of the statements given above is/are NOT correct?

  1. The new series adopts the United Nations' COICOP 2018 classification of consumption.
  2. The weights have been derived from the Household Consumption Expenditure Survey (HCES) 2011-12.
  3. Twelve online marketplaces have been brought within the price-collection ambit for the first time.
  4. The total number of items in the basket has been reduced compared to the 2012 series.
  • A. 1 and 3 only
  • B. 2 and 4 only
  • C. 1, 2 and 4 only
  • D. 3 only

Q2. In the context of the revised CPI 2024 series, the term 'COICOP', which has been adopted by MoSPI, refers to which one of the following?

  • A. A United Nations statistical classification of household consumption expenditure by purpose
  • B. An OECD framework for harmonising producer price indices across member economies
  • C. An IMF protocol for the compilation of national income and product accounts
  • D. A WTO classification of tradable goods and services for tariff negotiation

Q3. With reference to the Consumer Price Index (CPI) series with base year 2024=100, consider the following statements: 1. The base year has been shifted from 2012 to 2024. 2. The total number of sample price-collection markets has been increased from 2,295 to 2,860. 3. The headline combined CPI is compiled and released by the Reserve Bank of India. 4. The items basket has been expanded from 299 to 358 items. Which of the statements given above is/are correctly identified?

  1. The base year has been shifted from 2012 to 2024.
  2. The total number of sample price-collection markets has been increased from 2,295 to 2,860.
  3. The headline combined CPI is compiled and released by the Reserve Bank of India.
  4. The items basket has been expanded from 299 to 358 items.
  • A. 1 and 4 only
  • B. 2 and 3 only
  • C. 1, 2 and 4 only
  • D. 1, 2, 3 and 4

Q4. In the new Consumer Price Index (CPI) series with base year 2024=100, which one of the following groups has the largest weight in the combined (rural + urban) all-India index?

  • A. Food and Beverages
  • B. Housing
  • C. Miscellaneous
  • D. Fuel and Light

Q5. The Expert Group on Comprehensive Updation of the Consumer Price Index (CPI), whose recommendations underpin the new 2024=100 series, was constituted in 2023 under the chairmanship of which one of the following?

  • A. Ashish Kumar, former Director General, Central Statistics Office
  • B. Bimal Jalan, former Governor, Reserve Bank of India
  • C. Urjit Patel, former Governor, Reserve Bank of India
  • D. Bibek Debroy, former Chairman, Economic Advisory Council to the Prime Minister
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