Indian Economy / Price Indices and Inflation
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The Wholesale Price Index (WPI) is an index representing a basket of wholesale goods. Wholesale Price Index evaluates the average change in the prices of different commodities at wholesale prices.
An index number is a statistical measure to study the changes in one item or in a phenomena comprising of number of items over a period of time. Price indices are the most popular indices in gauging the change in prices of different commodities over a period.