India Updates Inflation Calculation: New Base Year 2024, Digital Spending Included

• Ministry of Statistics and Programme Implementation (MoSPI) shifts inflation base year from 2012 to 2024, reflecting modern consumption patterns.
• New formula based on Household Consumption Expenditure Survey (HCES) 2023-24, now includes digital services like OTT, gyms, and health.
• Inflation basket expanded from 6 groups to 12 divisions, aligning with global COICOP 2018 standards for precise tracking.
• Weightage changes: Food and Beverages decrease by 6.6%, while Miscellaneous (services, health, education) increase by 9.0%.
• New items like online streaming, pen drives, babysitters, and rural housing added; VCRs, tape recorders, and second-hand clothes removed.