Things like refrigerator, microwave oven, computers and ice-creams to be used to measure WPI!

You know what's common to Ovens, Jewelry, Ice-cream, Towels, Washing Machines, Footballs & VCD players?

Answer: They are some of the things the government will now use to calculate wholesale inflation.

Some key important things that you must know about the new wholesale price index:

The base year against which the price rise is measured has been advanced by a decade from 1993-94 to 2004-05.

The new WPI index would concentrate more on accuracy and indication about the actual price movement in real time.

The new series would comprise of different weight-age levels, relative to the changes in the economy over a period of time. For instance, the weight of manufactured products would surge from 63.74% as per 1993-94 base price levels to 64.97% now.

Interestingly, the new WPI index now also includes the more commonly used items such as refrigerator, washing machine, microwave oven, computer and Television sets – which have now turned into basic needs, from wants. In fact, even Consumer items widely used by middle class such ice-cream, mineral water, readymade and instant food products, canned meat, leather products, dish antenna and even precious metals like gold and silver finds its place in the new index.