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With reference to the Wholesale Price Index, consider the following statements:
1. WPIs are reported monthly in order to show the average price changes of goods.
2. WPI data is published by the Union Ministry of Finance.
Which of the statements given above is/are correct?
- a)1 only
- b)2 only
- c)Both 1 and 2
- d)Neither 1 nor 2
Correct answer is option 'A'. Can you explain this answer?
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With reference to the Wholesale Price Index, consider the following st...
According to recently released official data, the Wholesale Price Index (WPI) - based inflation rate reached a record high of 15.1% in April, owing to increases in the cost of vegetables, fruits, milk and fuel.
- WPI represents the price of goods at a wholesale stage 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.
- WPIs are reported monthly in order to show the average price changes of goods.
- The total costs of the goods being considered in one year are then compared with the total costs of goods in the base year.
- The total prices for the base year are equal to 100 on the scale. Prices from another year are compared to that total and expressed as a percentage of change.
- It is used as an important measure of inflation in India. It takes into account the change in price of goods only.
- WPI data is published by the Office of Economic Adviser, Ministry of Commerce and Industry, Government of India.
- The current series of WPI - with base year of 2011-12 - was the seventh revision of WPI and implemented from 2017 onwards.
Hence only statement 1 is correct.
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With reference to the Wholesale Price Index, consider the following statements:1. WPIs arereported monthlyin order to show the average price changes of goods.2. WPI data is published by theUnion Ministry ofFinance.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'A'. Can you explain this answer?
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With reference to the Wholesale Price Index, consider the following statements:1. WPIs arereported monthlyin order to show the average price changes of goods.2. WPI data is published by theUnion Ministry ofFinance.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct 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 With reference to the Wholesale Price Index, consider the following statements:1. WPIs arereported monthlyin order to show the average price changes of goods.2. WPI data is published by theUnion Ministry ofFinance.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct 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 With reference to the Wholesale Price Index, consider the following statements:1. WPIs arereported monthlyin order to show the average price changes of goods.2. WPI data is published by theUnion Ministry ofFinance.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'A'. Can you explain this answer?.
With reference to the Wholesale Price Index, consider the following statements:1. WPIs arereported monthlyin order to show the average price changes of goods.2. WPI data is published by theUnion Ministry ofFinance.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct 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 With reference to the Wholesale Price Index, consider the following statements:1. WPIs arereported monthlyin order to show the average price changes of goods.2. WPI data is published by theUnion Ministry ofFinance.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct 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 With reference to the Wholesale Price Index, consider the following statements:1. WPIs arereported monthlyin order to show the average price changes of goods.2. WPI data is published by theUnion Ministry ofFinance.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'A'. Can you explain this answer?.
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