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Question

What does a consumer price index for industrial workers measure?


Solution

Consumer price index for industrial workers measures the average change in retail prices of a basket of commodities which an industrial worker generally consumes. Consumer price index for industrial workers is increasingly being considered the appropriate indicator of general inflation, which shows the most accurate impact of price rise on the cost of living of common people.

The items included in CPI (Consumer Price index) for industrial workers are food, pan, supari, tobacco, fuel and lighting, housing, colthing, and miscellaneous expenses with food being accorded the highest weight. This implies that the food price change have a significant impact on the CPI.


Economics

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