ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Definition: Wholesale Price Index (WPI) represents the price of goods at a wholesale stage i.e. goods that are sold in bulk and traded between organizations instead of consumers. WPI is used as a measure of inflation in some economies.

Detailed explanation-2: -Food Articles include items such as Cereals, Paddy, Wheat, Pulses, Vegetables, Fruits, Milk, Eggs, Meat & Fish, etc. The biggest basket is Manufactured Goods.

Detailed explanation-3: -Wholesale Price Index is a measure of the average change in the price of goods at a wholesale level or in the wholesale market. Consumer Price Index is another price index that calculates price changes of goods and services that a consumer has to pay for consuming a basket of goods.

Detailed explanation-4: -The Consumer Price Index is an important economic metric. It measures the average change in prices paid by consumers over a period of time for a basket of goods and services. The index is calculated and published monthly by the Bureau of Labor Statistics.