Economics · Ch 7 — Index Numbers
Wholesale Price Index
7.4.3
Wholesale Price Index
The Wholesale Price Index (WPI) shows the change in the general price level and, unlike the CPI, has no reference consumer category and excludes services (barber charges, repairs, etc.) — only the prices of goods at the wholesale stage are included. Reading it: WPI with 2004-05 as base is 253 in October 2014 means the general price level rose by 153 per cent over that span.
The WPI is now compiled with base 2011-12 = 100; its value for May 2017 was 112.8. Its major groups and weights are:
| Major group | Weight |
|---|---|
| Primary Articles | 22.62 |
| Fuel and Power | 13.15 |
| Manufactured Products | 64.23 |
| All Commodities ('Headline Inflation') | 100.00 |
| WPI Food Index | 24.23 |