Department for Promotion of Industry and Internal Trade (DPIIT) to launch Producer Price Index (PPI) and revamped Wholesale Price Index (WPI)

Key facts

• The Department for Promotion of Industry and Internal Trade (DPIIT) will introduce a new Producer Price Index (PPI) and a revised Wholesale Price Index (WPI) from 15 June.
• The DPIIT has updated the WPI base year from 2011-12 to 2022-23, expanded the commodity basket from 697 to 957 items, and replaced the net traded value approach with Gross Value of Output for weighting.
• The revised WPI includes solar power, wind power, and nuclear electricity, and has reorganised crude oil and natural gas by moving them from the Primary Articles category to the Fuel and Power segment.
• The new PPI framework comprises the Output Producer Price Index (OPPI), Trial Input Producer Price Index (IPPI), and Service Producer Price Index (Service PPI).
• The first phase of the Service PPI will cover banking, insurance, pension fund management, securities transactions, rail transport, air passenger services, and telecommunications.
• The WPI and PPI series will run in parallel for five years, with the first set of revised WPI and OPPI data, including historical back-series from April 2023, to be released on 15 June.