Correct option is D
CPI or Consumer Price Index which tells or estimates differences in the cost level of consumer goods and services and which is purchased by households.
WPI (Whole Sale Price Index) is an index that measures and tracks the changes in the price of goods in the stages before the retail level.
Statement 1 is correct: CPI is computed by executing a weighted average on a particular set of goods and services that are acquired by the household for general consumption such as food, telecom, transportation, medical care amongst many others. An important point to take note of is the wholesale price index (WPI) does not include the cost of services.
Statement 2 is not correct:The Consumer Price Index is compiled and published by two different sources. The Labour Bureau in the Ministry of Labour and Employment publishes the following Indices. CPI for Industrial Workers (IW), CPI for Agricultural Labourers (AL), CPI for Rural Labourers (RL) The Central Statistical Organisation in the Ministry of Statistics and Programme Implementation publishes the following indices CPI Rural, CPI-Urban, CPI Combined
The WPI is published by the Economic Adviser in the Ministry of Commerce and Industry. The Wholesale Price Index focuses on the price of goods traded between corporations, rather than goods bought by consumers.
Statement 3 is not correct: List of commodities in the all India WPI index and also the associated weightages have been revised. At present, the different categories include primary articles, fuel and power and manufactured products bear 22.62%, 13.15% and 64.23% weightage respectively. With 102 items in the primary articles, 19 in fuel and power and 555 in manufacturing products that cover primarily all items transacted in the Indian economy. CPI basket consists of Food and beverages with the largest weightage of 45.6%.
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