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Option 1 : Consumer Price Index
The correct answer is option 1, i.e., Consumer Price Index
- Consumer Price Index or CPI as it is commonly called is an index measuring retail inflation in the economy by collecting the change in prices of most common goods and services used by consumers.
- An index used by the Reserve Bank of India till 2014 to make its monetary policy, WPI, as the name suggests, measures the prices at the wholesale level. WPI is the price of a representative basket of wholesale goods.
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