The Ministry of Statistics and Programme Implementation (MoSPI) has released the Report of the Expert Group on Comprehensive Updation of the Consumer Price Index (CPI), outlining the framework, methodology, and key recommendations for revising the CPI base and structure. The report has been issued through a press note on January 29, 2026, ahead of the formal launch of the new CPI 2024 series.
The Expert Group was constituted to undertake a base revision of the CPI to better reflect evolving consumption patterns and align India’s inflation measurement with latest global best practices.
Composition and Mandate of the Expert Group
The Expert Group comprises:
- Experts from eminent academic institutions
- Senior officers from the Reserve Bank of India
- Officials from the Government of India
The Group undertook extensive deliberations on all aspects of the CPI framework, including classification, item coverage, weighting structure, data sources, and compilation methodology, to ensure that the revised index accurately captures contemporary household consumption behaviour.
Key Objectives of CPI Base Revision
According to MoSPI, the CPI updation exercise aims to:
- Reflect changes in household consumption patterns
- Incorporate methodological advancements in price index compilation
- Leverage new data sources and technology
- Enhance transparency, granularity, and analytical usefulness of CPI data
The report details the processes adopted for the revision exercise and explains the enhancements introduced in the CPI 2024 series.
Major Recommendations of the Expert Group
The Expert Group has made several significant recommendations, including:
- Adoption of the COICOP 2018 (Classification of Individual Consumption According to Purpose) framework up to the sub-class level
- Updation of the CPI item basket and weights using data from the Household Consumption Expenditure Survey (HCES) 2023-24
- Use of latest technology for price data collection and compilation
- Inclusion of administrative data and online/e-commerce price data
- Methodological improvements in index compilation, including the House Rent Index
- More granular dissemination of CPI data for analytical and policy use
Structure of the CPI 2024 Series
Under the revised CPI 2024 series, the item basket will comprise:
- 358 weighted items
- Classified across:
- 12 Divisions
- 43 Groups
- 62 Classes
- 192 Sub-classes
This structure is fully aligned with the COICOP 2018 classification system. The report provides detailed information on the CPI hierarchy and weights at various levels of aggregation.
Timeline for CPI 2024 Release
The release of the Expert Group report is intended to help CPI users, including policymakers, researchers, and market participants, understand and assimilate the revised CPI framework ahead of its official rollout. Key milestones include:
- Official release of CPI 2024 series: February 12, 2026
- First data release:
- CPI indices from January 2025 onwards
- Inflation data for January 2026
- Back series release:
- All-India Rural, Urban, and Combined CPI indices
- From January 2013 onwards
Significance of the CPI Update
The comprehensive updation of CPI is expected to enhance the accuracy, relevance, and credibility of inflation measurement in India. Given CPI’s central role in monetary policy formulation, wage indexation, and social welfare adjustments, the revised series is likely to have important implications for macroeconomic analysis and policymaking.
Conclusion
The release of the Expert Group report marks a key step toward modernising India’s inflation measurement framework. By adopting updated consumption weights, global classification standards, and advanced data collection methods, the CPI 2024 series aims to provide a more realistic and robust picture of price dynamics in the Indian economy. (PIB PR ID 2220040)
MoSPI Releases Expert Group Report on CPI 2024 (29/01/2026)