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Consider the following statements about Consumer Food Price Index (CFPI).
- It is a measure of change in retail prices of food products consumed by a defined population group in a given area
- It is released by Central Statistics Office (CSO) for three categories -rural, urban and combined.
- Cereals and products constitute more than 50 percent weight within CFPI.
Which of the above statements is/are correct?
- a)1, 2
- b)1, 3
- c)2, 3
- d)1, 2, 3
Correct answer is option 'A'. Can you explain this answer?
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Most Upvoted Answer
Consider the following statements about Consumer Food Price Index (CFP...
Consumer Food Price Index (CFPI)
The Consumer Food Price Index (CFPI) is a measure of the change in retail prices of food products consumed by a defined population group in a given area. It is an important indicator of inflation in the food sector and provides insights into the affordability and availability of food for consumers.
Statement 1: It is a measure of change in retail prices of food products consumed by a defined population group in a given area.
This statement is correct. The CFPI measures the change in retail prices of food products, which includes both primary and processed food items, that are consumed by a specific population group. It takes into account the prices of various food items such as cereals, vegetables, fruits, meat, fish, eggs, milk, and other dairy products, among others.
Statement 2: It is released by Central Statistics Office (CSO) for three categories - rural, urban, and combined.
This statement is incorrect. The CFPI is released by the Ministry of Statistics and Program Implementation (MOSPI), Government of India, and not by the Central Statistics Office (CSO). It is released for two categories - rural and urban. The CFPI for both rural and urban areas is calculated separately, and then a combined CFPI is also presented, which provides an overall picture of the food price inflation in the country.
Statement 3: Cereals and products constitute more than 50 percent weight within CFPI.
This statement is correct. Cereals and their products, such as wheat, rice, and flour, have a significant weightage within the CFPI. In fact, cereals and products typically constitute more than 50 percent of the overall weightage within the CFPI. This is because cereals are a staple food item for a large section of the population, and their prices have a significant impact on overall food inflation.
Therefore, the correct statements are:
1. It is a measure of change in retail prices of food products consumed by a defined population group in a given area.
2. It is released by Central Statistics Office (CSO) for three categories - rural, urban, and combined.
3. Cereals and products constitute more than 50 percent weight within CFPI.
Hence, the correct answer is option A.
The Consumer Food Price Index (CFPI) is a measure of the change in retail prices of food products consumed by a defined population group in a given area. It is an important indicator of inflation in the food sector and provides insights into the affordability and availability of food for consumers.
Statement 1: It is a measure of change in retail prices of food products consumed by a defined population group in a given area.
This statement is correct. The CFPI measures the change in retail prices of food products, which includes both primary and processed food items, that are consumed by a specific population group. It takes into account the prices of various food items such as cereals, vegetables, fruits, meat, fish, eggs, milk, and other dairy products, among others.
Statement 2: It is released by Central Statistics Office (CSO) for three categories - rural, urban, and combined.
This statement is incorrect. The CFPI is released by the Ministry of Statistics and Program Implementation (MOSPI), Government of India, and not by the Central Statistics Office (CSO). It is released for two categories - rural and urban. The CFPI for both rural and urban areas is calculated separately, and then a combined CFPI is also presented, which provides an overall picture of the food price inflation in the country.
Statement 3: Cereals and products constitute more than 50 percent weight within CFPI.
This statement is correct. Cereals and their products, such as wheat, rice, and flour, have a significant weightage within the CFPI. In fact, cereals and products typically constitute more than 50 percent of the overall weightage within the CFPI. This is because cereals are a staple food item for a large section of the population, and their prices have a significant impact on overall food inflation.
Therefore, the correct statements are:
1. It is a measure of change in retail prices of food products consumed by a defined population group in a given area.
2. It is released by Central Statistics Office (CSO) for three categories - rural, urban, and combined.
3. Cereals and products constitute more than 50 percent weight within CFPI.
Hence, the correct answer is option A.
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Consider the following statements about Consumer Food Price Index (CFP...
- Consumer Food Price Index (CFPI) is a measure of change in retail prices of food products consumed by a defined population group in a given area with reference to a base year.
- The Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation (MOSPI) started releasing Consumer Food Price Indices (CFPI) for three categories -rural, urban and combined – separately on an all India basis with effect from May, 2014.
- Like Consumer Price Index (CPI), the CFPI is also calculated on a monthly basis and methodology remains the same as CPI. The base year presently used is 2012.
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Consider the following statements about Consumer Food Price Index (CFPI). It is a measure of change in retail prices of food products consumed by a defined population group in a given area It is released by Central Statistics Office (CSO) for three categories -rural, urban and combined. Cereals and products constitute more than 50 percent weight within CFPI.Which of the above statements is/are correct?a)1, 2b)1, 3c)2, 3d)1, 2, 3Correct answer is option 'A'. Can you explain this answer?
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Consider the following statements about Consumer Food Price Index (CFPI). It is a measure of change in retail prices of food products consumed by a defined population group in a given area It is released by Central Statistics Office (CSO) for three categories -rural, urban and combined. Cereals and products constitute more than 50 percent weight within CFPI.Which of the above statements is/are correct?a)1, 2b)1, 3c)2, 3d)1, 2, 3Correct answer is option 'A'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements about Consumer Food Price Index (CFPI). It is a measure of change in retail prices of food products consumed by a defined population group in a given area It is released by Central Statistics Office (CSO) for three categories -rural, urban and combined. Cereals and products constitute more than 50 percent weight within CFPI.Which of the above statements is/are correct?a)1, 2b)1, 3c)2, 3d)1, 2, 3Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements about Consumer Food Price Index (CFPI). It is a measure of change in retail prices of food products consumed by a defined population group in a given area It is released by Central Statistics Office (CSO) for three categories -rural, urban and combined. Cereals and products constitute more than 50 percent weight within CFPI.Which of the above statements is/are correct?a)1, 2b)1, 3c)2, 3d)1, 2, 3Correct answer is option 'A'. Can you explain this answer?.
Consider the following statements about Consumer Food Price Index (CFPI). It is a measure of change in retail prices of food products consumed by a defined population group in a given area It is released by Central Statistics Office (CSO) for three categories -rural, urban and combined. Cereals and products constitute more than 50 percent weight within CFPI.Which of the above statements is/are correct?a)1, 2b)1, 3c)2, 3d)1, 2, 3Correct answer is option 'A'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements about Consumer Food Price Index (CFPI). It is a measure of change in retail prices of food products consumed by a defined population group in a given area It is released by Central Statistics Office (CSO) for three categories -rural, urban and combined. Cereals and products constitute more than 50 percent weight within CFPI.Which of the above statements is/are correct?a)1, 2b)1, 3c)2, 3d)1, 2, 3Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements about Consumer Food Price Index (CFPI). It is a measure of change in retail prices of food products consumed by a defined population group in a given area It is released by Central Statistics Office (CSO) for three categories -rural, urban and combined. Cereals and products constitute more than 50 percent weight within CFPI.Which of the above statements is/are correct?a)1, 2b)1, 3c)2, 3d)1, 2, 3Correct answer is option 'A'. Can you explain this answer?.
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