UPSC Prelims Practice Questions — FIRST PRESS RELEASE OF CONSUMER PRICE INDEX ON BASE 2024=100

Question 1

The Consumer Price Index (Base 2024=100) is compiled and released exclusively by which one of the following?

Accepted Answer

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

Answer

Monetary Policy Department, Reserve Bank of India

Answer

Labour Bureau, Ministry of Labour & Employment

Answer

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

Question 2

The expenditure weights of the Consumer Price Index (Base 2024=100) are derived from which one of the following?

Accepted Answer

Household Consumption Expenditure Survey (HCES) 2023-24

Answer

NSS Consumer Expenditure Survey 2011-12

Answer

Periodic Labour Force Survey (PLFS) 2023-24

Answer

Annual Survey of Industries 2023-24

Question 3

The Classification of Individual Consumption According to Purpose (COICOP) 2018, adopted in the new CPI series, is a classification standard of which one of the following?

Accepted Answer

United Nations Statistics Division

Answer

International Monetary Fund

Answer

Organisation for Economic Co-operation and Development

Answer

International Labour Organization

Question 4

Which one of the following was the first all-India Consumer Price Index to combine the rural and urban sectors, introduced in 2011?

Accepted Answer

CPI-Combined (CPI-C)

Answer

CPI for Industrial Workers (CPI-IW)

Answer

CPI for Agricultural Labourers (CPI-AL)

Answer

CPI for Rural Labourers (CPI-RL)

Question 5

Which one of the following is the headline price index used by the Reserve Bank of India as the nominal anchor for its flexible inflation targeting?

Accepted Answer

CPI-Combined (CPI-C)

Answer

Wholesale Price Index (WPI)

Answer

CPI for Industrial Workers (CPI-IW)

Answer

GDP deflator

Question 6

The statutory basis for India's flexible inflation targeting framework was provided by a 2016 amendment to which one of the following?

Accepted Answer

Reserve Bank of India Act, 1934

Answer

Fiscal Responsibility and Budget Management Act, 2003

Answer

Banking Regulation Act, 1949

Answer

Reserve Bank of India Act, 1935

Question 7

The Expert Group whose recommendations underpinned the CPI 2024 base revision was chaired by a person who had earlier held which one of the following offices?

Accepted Answer

Director General, Central Statistics Office (CSO)

Answer

Governor, Reserve Bank of India

Answer

Chief Statistician of India and Secretary, MoSPI (serving)

Answer

Chairman, National Statistical Commission

Question 8

According to the first press release of the CPI on Base 2024=100, the number of weighted items in the basket rose to 358 from how many items in the 2012=100 series?

Accepted Answer

299

Answer

260

Answer

340

Answer

358

UPSC Prelims Practice Questions — FIRST PRESS RELEASE OF CONSUMER PRICE INDEX ON BASE 2024=100

Q1. The Consumer Price Index (Base 2024=100) is compiled and released exclusively by which one of the following?

Q2. The expenditure weights of the Consumer Price Index (Base 2024=100) are derived from which one of the following?

Q3. The Classification of Individual Consumption According to Purpose (COICOP) 2018, adopted in the new CPI series, is a classification standard of which one of the following?

Q4. Which one of the following was the first all-India Consumer Price Index to combine the rural and urban sectors, introduced in 2011?

Q5. Which one of the following is the headline price index used by the Reserve Bank of India as the nominal anchor for its flexible inflation targeting?

Q6. The statutory basis for India's flexible inflation targeting framework was provided by a 2016 amendment to which one of the following?

Q7. The Expert Group whose recommendations underpinned the CPI 2024 base revision was chaired by a person who had earlier held which one of the following offices?

Q8. According to the first press release of the CPI on Base 2024=100, the number of weighted items in the basket rose to 358 from how many items in the 2012=100 series?