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Home / IAS Preparation / Wholesale Price Index

Wholesale Price Index (WPI): Components & Significance | UPSC Notes

Last Updated on Aug 28, 2024
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Wholesale Price Index WPI is an economic indicator that measures the average change in the prices of goods at the wholesale level over a period of time. It is used to track inflation trends in the economy. It monitors price movements of commodities traded in bulk, such as raw materials, industrial inputs, and finished goods. WPI is calculated based on the price data collected from wholesale markets across various sectors. This includes agriculture, manufacturing, and mining.

The topic of Wholesale Price Index WPI UPSC belongs to General Studies Paper 3 (GS3) of the UPSC examination, specifically under the Economics section.

In this article on Wholesale Price Index WPI UPSC, we will look into the meaning of WPI, the components of wholesale price index wpi India, the significance, and the difference between wholesale price index wpi and consumer price index cpi.

GS Paper

General Studies Paper III

Topics for UPSC Prelims

Primary Articles, Fuel & Power, Manufactured Products, Differences from Consumer Price Index (CPI)

Topics for UPSC Mains

Implications for economic policy, Role in inflation measurement

What is Wholesale Price Index WPI in India?

The Wholesale Price Index WPI is an economic indicator that measures the average change in the prices of goods at the wholesale level in India over a period of time. It is published by the Office of Economic Adviser, Department for Promotion of Industry and Internal Trade, Ministry of Commerce and Industry, Government of India.

The WPI serves as a crucial tool for monitoring price movements in the wholesale market. It provides insights into inflationary pressures on the production and distribution sectors of the economy.

Read the article on FDI Confidence Index!

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Key Components of Wholesale Price Index WPI India

The WPI is composed of three major components:

  • Primary Articles: This category includes food articles, non-food articles, and minerals. It covers commodities like food grains, vegetables, fruits, oilseeds, fibers, minerals, etc.
  • Fuel and Power: This component comprises petroleum products, coal, electricity, and other sources of energy that are used in various industries.
  • Manufactured Products: It includes goods that have undergone processing or manufacturing, such as textiles, chemicals, machinery, metals, automobiles, and other manufactured goods.

Weightage of WPI Components

The WPI assigns weightage to different commodities based on their significance in the economy. The weightage is calculated based on the value of production and consumption of the respective commodities.

Weightage of WPI Components

Group

Description

Weightage (as of March 2024)

Primary Articles

This group includes agricultural products, livestock, minerals, and plantation products.

22.62%

Fuel and Power

This group includes items like crude petroleum, natural gas, electricity, and petroleum products.

13.51%

Manufactured Products

This group includes a wide range of manufactured goods like food products, textiles, chemicals, metals, and machinery.

64.23%

The weightage is periodically revised. This ensures that it reflects the changing structure of the economy and the relative importance of different sectors.

Read the article on Purchasing Managers Index PMI!

Key Factors Influencing WPI Inflation
  • Supply and Demand Dynamics: Changes in the supply-demand balance of commodities can impact their prices and, consequently, the overall WPI inflation.
  • International Commodity Prices: Fluctuations in global commodity prices, especially for crude oil, metals, and agricultural products, can influence WPI inflation in India.
  • Exchange Rates: Movements in exchange rates can affect the prices of imported raw materials and finished goods, thereby impacting WPI inflation.
  • Government Policies: Fiscal and monetary policies implemented by the government, such as taxation, subsidies, and regulations, can have an impact on the prices of goods and services captured in the WPI.

Read the article on Producer Price Index PPI!

Difference between Wholesale Price Index WPI and Consumer Price Index (CPI)

The table below gives the difference between Wholesale Price Index WPI and Consumer Price Index CPI in detail:

Difference between Wholesale Price Index WPI and Consumer Price Index CPI

Feature

Wholesale Price Index WPI

Consumer Price Index CPI

Definition

Measures the average change in the prices of goods at the wholesale level over a period of time.

Measures the average change in the prices of goods and services purchased by consumers over a period of time.

Scope

Tracks price movements of goods traded in bulk, such as raw materials, industrial inputs, and finished goods.

Tracks price movements of goods and services consumed by households, including food, housing, transportation, and healthcare.

Basket of Goods

Reflects changes in wholesale prices across various sectors, including agriculture, manufacturing, and mining.

Reflects changes in retail prices of consumer goods and services commonly purchased by households.

Calculation Method

Based on the price data collected from wholesale markets and production units.

Based on the price data collected from retail outlets and consumer surveys.

Purpose

Used to monitor inflation trends in the economy and assess cost pressures faced by producers.

Used to measure changes in the cost of living for households and assess purchasing power and welfare.

Influence on Policy

Provides insights into inflationary pressures in the production and supply chain, influencing monetary policy decisions.

Guides policymakers in adjusting fiscal and monetary policies to manage inflation and ensure economic stability.

Example

Examples of items included in WPI calculations may include crude oil, metals, agricultural commodities, and manufactured goods.

Examples of items included in CPI calculations may include food items, housing rent, fuel, clothing, transportation, and medical care.

Read the article on Environment Performance Index EPI!

Significance of Wholesale Price Index WPI India

The importance of WPI includes the following:

  • WPI provides an early indication of inflationary pressures in the economy. This is especially in the production and distribution sectors. It helps policymakers in formulating appropriate monetary and fiscal policies to manage inflation.
  • WPI serves as a crucial input for policymakers, central banks, and other economic stakeholders to assess the performance and stability of the economy. It helps make informed decisions regarding interest rates, exchange rates, and fiscal policies.
  • WPI provides valuable information to businesses for price forecasting, inventory management, production planning, and pricing strategies. It helps businesses understand cost pressures and adjust their operations accordingly.
  • WPI data is extensively used by researchers, economists, and analysts to study price trends, market dynamics, and the impact of inflation on different sectors of the economy. It supports empirical analysis and policy research.

Read the article on Consumer Confidence Index (CCI)!

Issues with the Wholesale Price Index WPI India

Some of the major issues associated with WPI include the following:

  • WPI focuses on the wholesale market and may not fully capture price changes at the retail level. It may not reflect the price experiences of end consumers accurately.
  • The choice of commodities included in the WPI may not fully represent the changing consumption patterns of the population, especially in a dynamic economy like India.
  • Periodic updates of weightages are necessary to reflect the changing structure of the economy. However, the process of updating weightages may lag behind the actual changes in the economy.
  • WPI can exhibit volatility due to the inclusion of highly volatile commodities like fuel and food items. This volatility can make it challenging to derive accurate inflation trends.

Major Takeaways

  • WPI measures the average change in wholesale prices of goods traded between businesses, reflecting inflation at the producer level.
  • It is calculated by the Office of Economic Advisor (OEA) under the Ministry of Commerce and Industry.
  • WPI comprises Primary Articles (agricultural products), Fuel and Power, and Manufactured Products, with varying weightages based on their economic significance.
  • While WPI reflects producer-level inflation, the Consumer Price Index (CPI) focuses on price changes experienced by consumers.
  • WPI is used by policymakers to gauge inflationary pressures, formulate economic policies, and monitor the impact of government interventions.
  • WPI may not fully capture price changes in the services sector, which is a growing part of the economy.

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Wholesale Price Index WPI UPSC FAQs

The Wholesale Price Index WPI in India measures the average change in the prices of goods at the wholesale level over a period of time.

The govt revises the year of All-India Wholesale Price Index WPI periodically to ensure that it reflects the changing structure of the economy.

The components of Wholesale Price Index WPI include primary articles (food articles, non-food articles, minerals), fuel and power, and manufactured products.

The Wholesale Price Index WPI is released by the Office of Economic Adviser, Department for Promotion of Industry and Internal Trade, Ministry of Commerce and Industry, Government of India.
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