ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -CPI(IW) is constructed on a monthly basis, with a lag of one month. The base year for CPI (IW) is 1982.

Detailed explanation-2: -5. Final index for the month of November, 2022 (Base Year: 2011-12=100): For the month of November, 2022 the final Wholesale Price Index and inflation rate for ‘All Commodities’ (Base: 2011-12=100) stood at 152.5 and 6.12% respectively.

Detailed explanation-3: -Answer and Explanation: If the CPI was 110 this year and 100 last year, then the cost of the CPI basket of goods and services increased by 10 percent this year.

Detailed explanation-4: -Currently, the reference base for most CPI indexes is 1982-84=100 but some indexes have other references bases. The reference base years refer to the period in which the index is set to 100.0. In addition, expenditure weights are updated every two years to keep the CPI current with changing consumer preferences.