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On Friday, the government released the new series of the wholesale price index (WPI) and the index of industrial production (IIP) in which the base year has been changed from 2004-05 to 2011-12. These new series paint a healthier picture of the economy with industrial output expanding at a faster pace than before and wholesale inflation trending lower.
The new WPI series, which gives greater weight to primary articles, comprises 697 items, including 117 items for primary articles, 16 items for fuel & power, and 564 items for manufactured products. Conceptually, the revised WPI series is closer to the producer
