New technology will be used to measure inflation, online services will also be included – Ministry of Statistics

By Priyanka Tiwari July 25, 2023 2:01 PM IST


Government will collect inflation data
New technology will be used to collect data
exercise in determining the rate of inflation

Jaipur. A fresh exercise has begun to determine the rate of inflation across the country. Additional Director General, Ministry of Statistics and Program Implementation, Government of India, N. Of. Santoshi told- New efforts are being made by the Union Ministry of Statistics to bring transparency, objectivity and quickness in the retail inflation rate for accurate estimation of inflation. Along with daily consumption items like fuel, flour, pulses, rice, clothes, jewelry, monitoring will also be done on the rates of online market, online shopping, online business.

The difference between the result of the consumer price index and the price of the goods in the retail price index of the goods purchased in the market will be made accurate and neutral result. Instead of 2300, 2900 locations are being fixed for the calculation of Wholesale Price Index and Consumer Price Index prices. Information technology system has been developed to bring accuracy in the results of inflation data of all the states across the country. So that they can give better results in less time through mobile app, computer and social media.

Figures will be released on the basis of 2011 census
As of now, the inflation rate is being calculated till July 2023 on the basis of the 2011 census. Due to the non-release of the 2021 census data, the inflation rate will be calculated on the basis of the census data released in 2011. The old formula will be applicable in real inflation estimation for Consumer Price Index and Wholesale Price Index, but its technology and areas are being made new.

25 percent increase in the number of shopping centers
In most of the countries WPI i.e. Retail Inflation Rate is the prevalent standard of measuring the inflation of the country. Therefore, to measure the retail inflation rate, the number of items used by the consumers is being increased. The number of shopping centers for goods is being increased by 25 percent to measure the smallest change in the average price of goods in the wholesale market. Along with the movement of products in the market, demand supply situation, production conditions of construction industry will also be closely monitored.

Ministry will collect inflation data from sample collection
Additional Director General N. Of. According to Santoshi, the Union Ministry of Statistics and Program Implementation will now conduct sample collection at the national level from departmental teams to collect data on inflation rate. The information on Wholesale Price Index and Consumer Price Index will be prepared accurately from the data collected by the Regional Statistics and Program Implementation Department of all the states. Only on the basis of these figures, the Reserve Bank of India will be able to issue the correct repo rate for commercial activities. Information about the new formula is being provided to the departmental officers across the country. Its impact can be seen in the inflation data released after July.

Tags: Inflation, jaipur news, Rajasthan news