Business OpportunitiesMonthly inflation data proposal may get nod today
The government is likely to clear a proposal tomorrow suggesting release of inflation data on monthly basis and not every week for most items tracked by the Wholesale Price Index (WPI).
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The Cabinet Committee on Economic Affairs (CCEA) is expected to take up tomorrow the Commerce and Industry Ministry"s proposal, which was finalised on the recommendations of a working group headed by Abhijit Sen, Member, Planning Commission.
Sources in the Commerce and Industry Ministry said if the proposal is approved by the CCEA, the shift in data release would take place from December.
In the first phase, data of only manufactured items, which have a weightage of 63.75 per cent on the WPI, would be released on the monthly basis.
On a parallel track, weekly inflation figures would be given for food articles and fuels.
The changes in the frequency of data release are being brought in line with the global practices, an official said.
On Thursday, Planning Commission Deputy Chairman Montek Singh Ahluwalia had also pressed for following international practices on data release.
“We have been arguing for the past one year to get the rate of monthly inflation. You know, weekly is just not sensible,” Ahluwalia had said.
Nowhere in the world is there weekly release of inflation data, Ahluwalia added.
Earlier Finance Minister Pranab Mukherjee had said, information on weekly prices of manufactured products is highly meagre.