The Ministry of Statistics and Program Implementation (MOSPI) is exploring the idea of a chain-based IIP index, where weight will be more frequently modified to reflect changes in the industrial sector.
The weight assigned to the items in IIP has been removed from the annual survey (ASI) by Moscti.
“We plan to improve weight every 1.5-2 years,” said a government official SAID. The official also mentioned that the back series will be retained in comparison.
The chain-based index measures financial changes from time to time by adding a consecutive period to the reader of the previous year.
Currently, the ministry is working to update the base year from 2011-12 to 2022-23, based on ASI22-23. The new series is likely to be released in 2026-27.
After the chain-based index, many and the previous working group on IIP internationally accepted this view of the year 2017 while improving the base year in 2017. However, every time the industry code design was improved, the challenge of updating the weight was found.
In the current IIP series, the product is 77.633, followed by the mine at 14.373 and the electricity is 7.994.
In addition, the ministry’s objective is to update the weight of the item in the basket of retail inflation every four years, using data (HCE) data (HCE) data in home use costs. The ministry has decided to organize HCES every three years instead of five years. The most recent survey was conducted in 2023-24.
The government has initially decided to use HCES 2022-23 data to update the weight for the new Customer Price Index (CPI) series, but now the recent data is now considering the HCE 2023-24 (August-July).
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