For measuring the change in the price level of the country, which among the following index numbers is used ?
Wholesale price index number
A price index number measures the relative change in prices over time compared with a base period. To measure the change in the general price level of a whole country, an index must cover a broad basket of commodities traded throughout the economy.
The wholesale price index (WPI) covers a wide range of primary articles, fuel and power and manufactured products at the wholesale stage. It has long been used in India as the headline measure of the general price level and inflation for the economy as a whole.
The cost of living index (consumer price index) measures the change in the retail prices paid by a specific class of consumers, such as industrial workers, so it reflects living costs of that group rather than the general price level.
A production index measures changes in physical output, not prices, and a security price index tracks share prices on the stock market.
Hence, Wholesale price index number.
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