UPSC Prelims Practice Questions — PRESS RELEASE OF CONSUMER PRICE INDEX ON BASE 2024=100 FOR MAY, 2026

Q1. In the context of consumer price statistics in India, which one of the following is the only price index officially used by the Reserve Bank of India as the nominal anchor for its statutory flexible inflation-targeting (FIT) framework?

  • A. Consumer Price Index – Combined (CPI-C) compiled by the National Statistical Office, MoSPI
  • B. Consumer Price Index for Industrial Workers (CPI-IW) compiled by the Labour Bureau
  • C. Wholesale Price Index (WPI) compiled by the Office of the Economic Adviser, DPIIT
  • D. Consumer Price Index for Agricultural Labourers (CPI-AL) compiled by the Labour Bureau

Q2. Under India's Flexible Inflation Targeting (FIT) framework adopted after the amendment of the RBI Act in 2016, which one of the following serves as the primary nominal anchor against which the statutory inflation target is set?

  • A. Wholesale Price Index (WPI), All Commodities
  • B. Consumer Price Index for Industrial Workers (CPI-IW)
  • C. Consumer Price Index (Combined) released by the NSO
  • D. GDP deflator computed by the NSO

Q3. With reference to the revised Consumer Price Index (CPI) series released by the Government of India in 2026, consider the following statements: 1. The base year of the new series has been revised from 2012=100 to 2024=100. 2. The item weights of the new series are derived from the Household Consumption Expenditure Survey (HCES) 2023-24. 3. The all-India item basket has been expanded from 299 items to 358 items. 4. The CPI is compiled and released by the Reserve Bank of India, which uses it as the nominal anchor under flexible inflation targeting. Which of the statements given above is/are correct?

  1. The base year of the new series has been revised from 2012=100 to 2024=100.
  2. The item weights of the new series are derived from the Household Consumption Expenditure Survey (HCES) 2023-24.
  3. The all-India item basket has been expanded from 299 items to 358 items.
  4. The CPI is compiled and released by the Reserve Bank of India, which uses it as the nominal anchor under flexible inflation targeting.
  • A. 1 and 2 only
  • B. 1, 2 and 3 only
  • C. 2, 3 and 4 only
  • D. 1, 2, 3 and 4

Q4. The compilation and monthly release of the all-India Consumer Price Index (CPI) on the new base 2024=100 is the responsibility of which one of the following?

  • A. Monetary Policy Department, Reserve Bank of India
  • B. National Statistical Office, Ministry of Statistics and Programme Implementation
  • C. Department of Economic Affairs, Ministry of Finance
  • D. Labour Bureau, Ministry of Labour and Employment

Q5. Under the new CPI (Base 2024=100) series released by the National Statistical Office, how many online markets have been newly incorporated to capture price variations of items sold on e-commerce and online platforms?

  • A. 8
  • B. 10
  • C. 12
  • D. 15

Q6. In the new Consumer Price Index series on base 2024=100, the tablet-based Computer Assisted Personal Interview (CAPI) software application used for price data collection has been developed exclusively under which body of the Ministry of Statistics and Programme Implementation?

  • A. National Sample Survey Office (NSSO)
  • B. Price Statistics Division (PSD)
  • C. Central Statistics Office (CSO)
  • D. Industrial Statistics Wing (ISW)

Q7. Which of the following agencies compiles and releases the all-India Wholesale Price Index (WPI) in India?

  • A. National Statistical Office, Ministry of Statistics and Programme Implementation
  • B. Office of the Economic Adviser, Department for Promotion of Industry and Internal Trade, Ministry of Commerce and Industry
  • C. Department of Economic Affairs, Ministry of Finance
  • D. Monetary Policy Department, Reserve Bank of India

Q8. The Reserve Bank of India's flexible inflation targeting framework, which uses CPI-Combined (and not WPI) as the nominal anchor, derives its statutory mandate from which one of the following provisions?

  • A. Section 7 of the Reserve Bank of India Act, 1934
  • B. Section 45ZA of the Reserve Bank of India Act, 1934
  • C. Section 3 of the Fiscal Responsibility and Budget Management Act, 2003
  • D. Article 112 of the Constitution of India

Q9. The Household Consumption Expenditure Survey (HCES) 2023-24, whose consumption weights form the basis of the new Consumer Price Index series on base 2024=100, is conducted by which one of the following?

  • A. National Statistical Office (NSO) under the Ministry of Statistics and Programme Implementation
  • B. Department of Economic Affairs under the Ministry of Finance
  • C. Monetary Policy Department of the Reserve Bank of India
  • D. NITI Aayog through the Development Monitoring and Evaluation Office

Q10. Under the Ministry of Statistics & Programme Implementation's coordinated 2026 base year revision exercise, which one of the following macroeconomic indicators was the FIRST to have its new series released?

  • A. Consumer Price Index (CPI)
  • B. Gross Domestic Product (GDP)
  • C. Index of Industrial Production (IIP)
  • D. Wholesale Price Index (WPI)
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