Fourth, the Department is involved in various data gap and statistical measurement issues through its participation in various committees within and outside the RBI. One particular issue, that has received renewed attention across the globe in view of the complexity of inflation dynamics, is measurement of prices – commodity prices, consumer prices and asset prices.
In recent years, there is greater institutional effort for improving measurement of prices in India. We have a new CPI (rural, urban and combined) now. The base of WPI was also revised.