Also Read:India\u2019s retail inflation at 2.75% in January as housing, services gain weight in CPI basket<\/a><\/p>\n
The statistics ministry released the first set of data with a revised 2024 base on Thursday, which showed inflation remained relatively benign, bolstering the case to keep interest rates on hold. Consumer prices rose 2.75% from a year earlier, data showed, compared with a median estimate of 2.77% in a Bloomberg survey of economists. It did not give the previous month\u2019s inflation reading under the new series.<\/p>\n
Due to the high level of digitization over the past decade, the government has access to more real-time online and e-commerce data. \u201cI am confident that we will continue to be among the best in terms of the methods we use to collect data,\u201d Garg said.<\/p>\n
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In its country report, the IMF said in December that India\u2019s data had \u201csome methodological weaknesses\u201d that \u201csomewhat hamper surveillance.\u201d Much of the criticism centered around using an old base year of 2012, which resulted in a lower rating for India\u2019s national statistics.
The government will also release a new set of gross domestic product series in \u201canother fortnight or so,\u201d Garg said. The upcoming GDP data will have an updated base of 2022\u201323, which will present \u201cthe structure of the economy in a much better manner.\u201d<\/p>\n
There will be new industries, and the data sources being used will be \u201cmuch wider,\u201d with additional inputs such as from the goods and services tax and Public Financial Management System data. \u201cI think we are ensuring that we become much more representative, and we are using the latest technologies,\u201d Garg said.<\/p>\n","protected":false},"excerpt":{"rendered":"India\u2019s consumer inflation index, based on the new series, addresses the International Monetary Fund\u2019s concerns about the country\u2019s…\n","protected":false},"author":2,"featured_media":295888,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[72,10625,140839,140846,140843,113,140842,61,140844,140838,140845,60,140841,140840],"class_list":["post-295887","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-consumer-price-index","tag-cpi-2024-base","tag-digitization-in-statistics","tag-e-commerce-data-inflation","tag-economy","tag-gdp-2022-23","tag-ie","tag-imf-india-data","tag-india-retail-inflation","tag-interest-rates-india","tag-ireland","tag-ministry-of-statistics","tag-saurabh-garg"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/295887","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=295887"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/295887\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/295888"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=295887"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=295887"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=295887"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}