What is the base year for calculating inflation in India?

NEW DELHI: The government will change the base year for calculation of GDP and retail inflation to 2017-18 and 2018 respectively, which is likely to come to effect by 2019-20.

Correspondingly, what is the base year for CPI in India?

The Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation has revised the Base Year of the Consumer Price Index (CPI) from 2010=100 to 2012=100 with effect from the release of indices for the month of January 2015.

Beside above, what is base year and current year?

A base year is the first of a series of years in an economic or financial index. It is typically set to an arbitrary level of 100. New, up-to-date base years are periodically introduced to keep data current in a particular index. Any year can serve as a base year, but analysts typically choose recent years.

Is the base year always 100?

Note that we’ll always be dividing the current year expenditure for any given year (or period) by the same number. This implies that if we calculate the CPI for the base year we divide base year expenditure by base year expenditure, making the base year CPI always equal to 100.

What is base year price?

The base period or base year refers to the year in which an index number series begins to be calculated. This will invariably have a starting value of 100. For example, in constructing the Consumer price index, the government may use a base year of 2000. Therefore a CPI index may look like this. 2000 = (100)