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      Question

      Which of the following is/are “inflation measuring

      indices” in India? 1. Consumer price index 2. Wholesale price index 3. GDP deflator Select the correct answer using the code given below:
      A 1 only Correct Answer Incorrect Answer
      B 1 and 2 only Correct Answer Incorrect Answer
      C 1 and 3 only Correct Answer Incorrect Answer
      D 1, 2 and 3 Correct Answer Incorrect Answer
      E 2 only Correct Answer Incorrect Answer

      Solution

      There are two main set of inflation indices for measuring price level changes in India – the Wholesale Price Index (WPI) and the Consumer Price Index (CPI). In the case of CPI (prices quoted from retailers), there are several indices to measure it: CPI for industrial labourers (CPI-IL), agricultural labourers (CPI-AL) and rural labourers (CPI-RL) besides an all India CPI. In addition, Gross Domestic Product (GDP) deflator and Private Final Consumption Expenditure (PFCE) deflator from the National Accounts Statistics (NAS) provide an implicit economy-wide inflation estimate.

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