BIS Review 143/2010  1  Price dynamics The recent transition in the Wholesale Price Index from the 1993–94 base to the 2004–05 base highlighted the impact that a changed production/consumption basket can have on measured inflation. Specifically, food inflation as measured by the new index is noticeably higher than that measured by the old one.
The primary reason for this is that the items that I have been talking about – alternative protein sources – along with some others, have higher weights in the new index, which, of course, suggests that the price of proteins has been increasing relatively faster than other food items. Slides 1 and 2 display the relative rates of increase.