New CPI series to make poverty estimates more accurate: CEA

New Delhi: As India launched the Consumer Price Index (CPI) series with 2024 as the base year, Chief Economic Advisor (CEA) V. Anantha Nageswaran has said the change better reflects household spending patterns, makes poverty estimates more accurate, adding that the new findings reveal income growth and produc-tivity gains.

The new CPI series found rising service consumption, as the share of food in domestic budgets declined and more accurate data will help fiscal and monetary policy makers formulate better responses to evolv-ing economic conditions, he said.

CEA said the new series captures the transition in domestic budgets of food’s share moving to services.