THE SHARE OF food in the Consumer Price Index (CPI), which is employed to gauge retail inflation, may come down by up to 10 percentage points, and the composition of sub index for food will also change significantly, an official privy to the ongoing exercise to update the index told FE."It (food index) will shift from cereals to non-cereals. The current 9% weight for cereals in CPI may markedly reduce," the source said.
Currently, the Consumer Food Price Index constitutes 39.06% of the overall CPI and "cereals and products'sub-group makes up 9.67%. This sub-group has 20 items of the total 299 that form the CPI basket.
The official further said that the revision of the CPI on the basis of the Household Consumer Expenditure Survey (HCES) that is currently underway is unlikely to happen before 2025, because the survey is expected to be completed only by July next year.
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