India Updates Consumer Price Index 2024 Series to Align with Global Standards

India's new Consumer Price Index (CPI) 2024 series adopts the international COICOP 2018 classification to enhance credibility and global comparability. The updated CPI reflects changing consumption patterns, with a reduced weight for food and beverages (36.75%) and increased emphasis on transport, communication, and health. The basket now includes more items and wider market coverage, capturing urbanisation trends and shifting household spending across states, aiding inflation forecasting and policy analysis.