National consumer price index this month

NEW DELHI: The government will introduce a national Consumer Price Index (CPI) in the third week of this month as part of its efforts to revamp price statistics. The national CPI is expected to eventually replace the Wholesale Price Index (WPI) as a benchmark for inflation.According to Central Statistical Organisation (CSO), the first set of the new consumer indices will also includes CPI urban and CPI rural. Separate data for states and Union Territory-level CPIs will also be released. The national CPI, which has been made more representative by updating and expanding the basket, will capture all aspects of economy in a single window, an official said.Besides WPI, currently there are threeconsumer price indices which include estimate for agricultural labourers, rurallabourers and industrial workers. As Reserve Bank of India (RBI) needs oneinflation index to rely upon, the CPI data will be key to the central bank todecide monetary policy, which is the practice worldwide. The single CPI will beapplicable for the seventh pay commission, an official said, adding that atpresent, government employees are treated as industrial workers whiledetermining the wages.