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04 June 2026 21 views

Wholesale Price Index (WPI) Base Year Revision — 2023-24

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theIAShub
04 Jun, 2026
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Wholesale Price Index (WPI) Base Year Revision — 2023-24
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Government updates base year for India's Wholesale Price Index to reflect current economic structure and consumption patterns.

Why in News

The Ministry of Commerce and Industry announced revision of the WPI base year from 2011-12 to 2023-24 on 04 June 2026 to align with contemporary economic realities.

Key Facts

  • WPI — measures average change in prices of goods at wholesale/factory gate level before retail.
  • New base year: 2023-24; previous base year: 2011-12 — a gap of 12 years.
  • Office of Economic Adviser (OEA) under Ministry of Commerce compiles and releases WPI data.
  • Released monthly, typically on the 14th of each month for the previous month.
  • Covers three major groups: Primary Articles, Fuel & Power, and Manufactured Products.
  • Base year revision incorporates structural economic changes, new products, updated weights, and consumption patterns. (UPSC Mains Usage: GS3 Indian Economy — indices, inflation measurement, policy implications)
  • CPI (Consumer Price Index) base year is 2012 — used for retail inflation and monetary policy decisions by RBI.
  • Helps improve accuracy of GDP deflator and inflation targeting framework.

Quick Revision Box

Term

Detail

New WPI Base Year

2023-24 (revised from 2011-12)

WPI Compiled By

Office of Economic Adviser, Ministry of Commerce

Release Frequency

Monthly, around 14th of each month

WPI Components

Primary Articles, Fuel & Power, Manufactured Products

CPI Base Year

2012 (for retail inflation)

Revision Purpose

Reflect structural economic changes and new consumption patterns


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