&w=3840&q=100)
Mospi mulls frequent expenditure surveys to track consumption patterns
New Delhi
Listen to This Article
In a bid to better track changing consumption patterns, the Ministry of Statistics and Programme Implementation (Mospi) is considering more frequent household consumption expenditure surveys (HCES) and base-year revisions for the consumer price index (CPI), sources told Business Standard.
'Consumption patterns in the country are rapidly changing, with growing incomes and diversification in consumer products. To better capture them, it is important to conduct HCES more frequently. We are considering having HCES every three years and a revision in the CPI base year every four years. Things are still at a preliminary stage because the base revision exercise is still
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Indian Express
an hour ago
- Indian Express
NITI Aayog CEO says 6.5% GDP growth not enough to become Viksit Bharat
India's annual GDP growth needs to be 8 per cent, and not 6.5 per cent, if it wants to achieve its target of becoming a developed economy by 2047, said BVR Subrahmanyam, CEO, NITI Aayog, while highlighting the crucial role statistics needs to play in policymaking. 'This data business is very, very important for our goal of Viksit Bharat. After all, if you grow at 6.5 per cent, you will not be Viksit Bharat; (if) you grow at 8 per cent, you will be Viksit Bharat,' Subrahmanyam on Thursday. 'It looks very small, 1.5 per cent. But the difference, I tell you, in 2047 is going to be immense… What looks very minuscule can have major, major difference at the end,' the NITI CEO added while speaking at a sensitisation-cum-review meeting with statistical advisers in various ministries and departments, organised by the Ministry of Statistics and Programme Implementation (MoSPI). Subrahmanyam's comments come amid risks to India's economic growth from the 50 per cent tariff announced by the US earlier this month, with the 25 per cent penalty component coming into force on August 27. While economists have predicted a potential hit of about 50 basis points (bps) to India's 2025-26 GDP growth from the 50 per cent tariff, S&P Global Ratings on Thursday said the effect will be 'manageable' as it upgraded India's rating to BBB from BBB-. India's GDP growth has edged lower recently, with the 6.5 per cent growth recorded in 2024-25 being the lowest in four years. Last week, the Reserve Bank of India (RBI) retained its growth forecast for the current fiscal at 6.5 per cent, with Governor Sanjay Malhotra saying that while there is a lot of uncertainty, the central bank did not have 'sufficient data to revise our GDP forecasts'. Hours later on the same day, US President Donald Trump announced that the previously-threatened 'penalty' for importing Russian energy and arms was 25 per cent, taking the total tariff rate to 50 per cent for Indian goods entering the world's largest economy from August 27. Speaking at the MoSPI meeting on Thursday, Niti CEO Subrahmanyam said statistical advisers had a 'major, major role to play' and that the government has to move towards data and evidence-based decision and policymaking. 'And you are providers of the evidence and you are also the providers of the analysis of the evidence… If you are not able to provide, somebody else will be asked to provide. We need to develop those skills within ourselves. We should all be proficient in the latest tools and techniques that are there.' Highlighting the importance of data in decision-making, Subrahmanyam said 'when you confront people with data, they start improving' as it makes them more accountable. Chief Economic Adviser V Anantha Nageswaran, also present at the meeting, echoed the NITI CEO's views, saying statistics are fundamental to an efficient and informed decision-making process, be it at the level of an individual, corporate, or the government. The government's top economist also made note of MoSPI's recent partnerships with several international organisations — such as the United Nations Statistics Division — saying these collaborations were key to aligning India with global best practices. He added that the statistics ministry's efforts to revamp, update, and modernise official statistics and produce them in a more timely fashion with greater frequency also comes at a time when questions are being raised about the credibility of data in some developed countries, seemingly referring to the sacking of a key US statistician by Trump earlier this month. 'So, sooner rather than later, we will be the ones who will be setting the global standard and the global benchmark,' Nageswaran said, On August 1, Trump sacked Erika McEntarfer, the Commissioner of the US Bureau of Labor Statistics (BLS), after the agency said that non-farm payrolls — or new jobs outside of agriculture — rose by just 73,000 in July, while the numbers for the previous two months were revised downwards by more than a quarter of a million to a mere 19,000 for May and 14,000 for June. Trump claimed the jobs numbers were being 'rigged' to make him and the Republican party 'look bad'.
Mint
5 hours ago
- Mint
WPI inflation falls to 25-month low on softer food prices
NEW DELHI: India's wholesale price index (WPI)-based inflation slipped to a 25-month low of -0.58% in July, marking a second straight month in negative territory, provisional data from the Ministry of Commerce showed on Thursday. The reading was well below economists' expectations of a 0.30% decline in a Reuters poll. WPI, a proxy for producers' prices, stood at -0.13% in June, 0.13% in May, 0.85% in April, 2.25% in March, 2.45% in February, and 2.51% in January. The index was pulled down primarily by cheaper primary articles, especially food. July's decline was driven by a sharper year-on-year contraction in the food segment, down 2.15% after a 0.26% fall in June. Vegetable prices tumbled 28.96%, steeper than the 22.65% drop a month earlier, while fruit prices fell 2.65% after a 1.59% increase in June. Prices for pulses, cereals, milk, eggs, meat, and fish also softened. 'This was largely driven by the food segment, which witnessed a larger YoY contraction to the tune of 2.1% as against 0.3% in the previous prints for all the other segments hardened in July 2025, as compared to June 2025,' said Rahul Agrawal, senior economist at rating agency Icra Ltd. 'Similar to the CPI, the WPI is also likely to have bottomed out in July 2025,' Agarwal said, adding Icra it to return to positive territory in August, citing rising year-on-year prints for food and crude oil, rupee depreciation, and an unfavourable base. 'Besides, heavy rains could push up perishable prices sharply in the second half of August, and remain a key monitorable,' he added. Manufactured products, which make up nearly two-thirds of the index, rose 2.05% in July from a year earlier, slightly higher than the 1.97% increase in June. Fuel and power prices fell 2.43%, compared with a 2.65% decline the previous month. Primary articles overall dropped 4.95% year-on-year, after a 3.38% fall in June. Both consumer price index-based inflation and WPI have stayed subdued in recent months, aided by a good monsoon and easing food prices. This trend could persist in the short term, said Sonal Bandhan, economist at Bank of Baroda. 'Going forward, as uncertainties remain regarding US sanctions on importers of Russian oil and the status of a cease-fire deal also remain in limbo, but oil prices are noting some upward pressure,' she said. 'However, renewed tariff-related tensions are set to exert downward pressure on commodity prices as global growth prospects weaken. As a result, we expect WPI to remain contained in the coming months,' she added.
News18
6 hours ago
- News18
WPI inflation declines to 2-year low of (-) 0.58 pc in July
Agency: PTI New Delhi, Aug 14 (PTI) Wholesale price inflation declined to a 2-year low of (-) 0.58 per cent in July, as deflation in food and fuel kept WPI in the negative zone for the second consecutive month, government data released on Thursday showed. Experts, however, projected WPI inflation to move back into positive territory in August, as base effects fade and seasonal price increases continue. WPI-based inflation was 2.10 per cent in July last year, and (-) 0.13 per cent in June. 'Negative rate of inflation in July 2025 is primarily due to a decrease in prices of food articles, mineral oils, crude petroleum & natural gas, manufacture of basic metals, etc," the industry ministry said in a statement. According to WPI data, deflation in food articles widened to 6.29 per cent in July, as against a deflation of 3.75 per cent in June, with vegetables witnessing a sharp drop. Deflation in vegetables was 28.96 per cent in July, compared to 22.65 per cent in June. Fuel and power saw a negative inflation or deflation of 2.43 per cent in July, as against 2.65 per cent in June. In the case of manufactured products, inflation was higher at 2.05 per cent in July, as against 1.97 per cent in the month before. Barclays in a research note said that July wholesale price inflation was driven by lower food and energy prices. 'The continued negative print in headline in year-on-year terms despite the month-on-month rise in wholesale prices is explained by base effects," Barclays said. The Reserve Bank of India (RBI), which takes into account retail inflation to decide on monetary policy, had kept benchmark policy rates unchanged at 5.5 per cent earlier this month. The retail inflation in July dropped to an 8-year low of 1.55 per cent. ICRA Senior Economist Rahul Agrawal said the deflation in wholesale inflation was largely driven by the food segment, which witnessed a larger year-on-year contraction, led by vegetables, pulses, and eggs, meat & fish. 'Similar to the CPI, the WPI is also likely to have bottomed out in July 2025. Looking ahead, ICRA expects the headline WPI to re-enter the inflationary territory in August 2025, after a gap of two months, amid the hardening in YoY prints for food and crude oil so far, depreciation in the USD/INR pair, as well as an unfavourable base," he said. Besides, heavy rains could push up perishable prices sharply in the second half of August, and remain a key monitorable, Agrawal said. Bank of Baroda Economist Sonal Badhan said going forward, as uncertainties remain regarding US sanctions on importers of Russian oil and status of a ceasefire deal between Russia and Ukraine also remains in limbo, oil prices are noting some upward pressure. 'However, renewed tariff-related tensions are set to exert downward pressure on commodity prices as global growth prospects weaken. As a result, we expect WPI to remain contained in the coming months," Badhan said. PHDCCI President Hemant Jain said 'going forward, the moderation in prices of food articles and a favourable progress in the southwest monsoon will bolster agricultural activity boosting economic growth". PTI JD DRR view comments First Published: Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
