Recently the Wholesale Price Index has shown a 54 months high of 5 77 Which of the following stateme...........

Economic Affairs Inflation

Recently, the Wholesale Price Index has shown a 54-months high of 5.77%. Which of the following statements about the Wholesale Price Index is/are correct?

Wholesale Price Index covers commodities falling under three major groups – primary articles, fuel & power and manufacturing products.
The prices tracked are maximum retail price for manufactured products, mandi price for agricultural commodities and ex-mines prices for minerals.
The basket of primary articles is heaviest with 564 items, followed by 117 manufacturing items and 16 fuel and power items.

Select the correct answer using the codes given below

1 and 2

2 and 3

1 Only

2 Only

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Explanation:

Third option is correct.

Wholesale Price Index measures average change in the prices of commodities for bulk sale at the level of early stage of transactions. The index covers commodities falling under the three major groups namely Primary Articles, Fuel and Power and Manufactured products. (The index basket of the present 2011-12 series has a total of 697 items including 117 items for Primary Articles, 16 items for Fuel & Power and 564 items for Manufactured Products.)

The prices tracked are ex- factory price for manufactured products, mandi price for agricultural commodities and ex-mines prices for minerals. Weights given to each commodity covered in the WPI basket is based on the value of production adjusted for net imports. WPI basket does not cover services.