The government is going to change the Consumer Price Index (CPI). In 12 cities, there is a plan to include the online shopping of customers in the CPI. This is being done due to the rapid growth of e-commerce and quick commerce. Sources gave this information to Moneycontrol. CPI’s new series will replace the old series. The old series is based on data of 2011-12. The new CPI’s new series is expected to be released soon. It can be released with revision in GDP’s Calcule.
Plan to track online shopping in 12 cities
The person who is aware of the case said, “Online shopping will be tracking the customers of 12 cities with at least 2.5 million population.” He informed that the work of fixing the weight of different categories in the new CPI will be completed in the next two months. Ministry of Statistics and Program Implementation (MoSPIAccording to), online shopping stake in the total expenses of customers in cities has reached about 10 percent and 3-4 percent in rural areas.
OTT platforms will also join CPI
MOSPI will track online platforms in every city. The source said that there is a difference in online market for every city. Cities have been selected based on the most popular platform in each location. Online spending will include purchases from e-commerce websites, quick commerce, OTT platforms. Apart from this, online shopping related to railway and air travel will also be tracked.
The scope of cities for CPI survey will also increase
In the CPI’s 2011-12 series, the combined weight of air and rail fair was only 0.3 percent. The weightage of both is expected to increase significantly in the new series. Taxi and autorickshaw fair in the old series are 0.56 percent. The base year of revised CPI will be 2024. MOSPI had conducted a survey to identify the most popular retail outlet in every region last year. The scope of CPI survey is also being expanded. Currently, 2,295 markets are included in the ministry survey. It is being increased to 2,900.