SSC Economics Sample Paper NCERT Sample Paper-2

  • question_answer
    Consider the following statements regarding the Food price index in India
    1. Food price index consists of two sub-components, namely primary food articles and manufactured food products.
    2. The weight of the primary food articles is less than the manufactured food products.
    Which of the statements given above is/are correct?

    A) Only 1  

    B) Only 2

    C) Both 1 and 2     

    D) neither 1 nor 2

    Correct Answer: A

    Solution :

    Consumer Food Price Index (CFPI) is a measure of change in retail prices of food products consumed by a defined population group in a given area with reference to a base year. The Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation (MOSPI) started releasing Consumer Food Price Indices (CFPI) for three categories -rural, urban and combined - separately on an all India basis with effect from May, 2014. Like Consumer Price Index (CPI), the CFPI is also calculated on a monthly basis and methodology remains the same as CPI. The base year presently used is 2012. The CSO revised the Base Year of the CPI and CFPI from 2010 = 100 to 2012 = 100 with effect from the release of indices for the month of January 2015.

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