Household Consumption Expenditure Survey: The Government of India has released the Household Consumption Expenditure Survey last week after almost a decade. But it is believed that the Government of India is preparing to conduct the next round of survey in which items and brands from retailers will also be surveyed so that the real picture of domestic consumption can be known. This will help in finding out the correct figure of retail inflation.
According to Reuters news, last week the government has released the Household Consumption Expenditure Survey for 2022-23. According to this survey, there has been a significant decline in the share of spending on food items in household expenditure. The new survey will help in reducing the weightage of food items in measuring consumer price inflation. Through this, the Central Bank of India (Reserve Bank of India) prepares the monetary policy.
Pranab Sen, head of the panel of Statistics Ministry, said that the government will wait for the new Household Consumption Expenditure Survey of 2023-24 which will be conducted between August 2023 and July 2024 so that changes can be made in the Consumer Inflation Index. Quoting the survey of 2022-23, he said that people are now spending less on grains and more on processed foods, clothes, health services and consumer durables.
Pranab Sen said that retail market survey will be required before including new items in the CPI index. This survey may take 5 to 6 months. He said that a change in the base year for measuring retail inflation is possible only next year. At present, 2012 is considered the base year to measure retail inflation. However, the final report of the household survey for 2022-23 will be released in the next two to three months.
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