New WPI series may include services sector

NITI Aayog member Ramesh Chand headed working group is planning to include services sector in the Wholesale Price Index (WPI), reported Times of India. While Chand is in favour of including services sector in WPI, several other members opine that developing a services price inflation index could take time as it is difficult to obtain data for other services as they are not so organised. Also, it is difficult to measure technology’s impact on services dependent on it, they argued. The panel is also deliberating on shifting the base year for WPI from 2011-12 to 2017-18. However, several economists are in favour of a more recent base year to calculate actual numbers as the last two years were washed out due to Covid-19 pandemic.