In this context, a Sub-Group set-up in RBI, recommended the compilation of separate CPIs for whole rural and urban population and provided a roadmap for compilation. I happy to note that TAC on SPCL has finally accepted this and shortly we shall have CPI(U) and CPI(R). Needless to mention that these price indices will be very useful for monetary policy purposes.
The BSP did these to allow it to: 1) better manage credit and liquidity growth, 2) anchor inflation expectations, and 3) ward off any potential build up of excesses in some segments of the market that may be overly-reliant on the historically low interest rates for their growth and exuberance.