The government of India, after nearly a decade, has recently released the Household Consumption Expenditure Survey. However, preparations are reportedly underway for the next round of the survey, aiming to include items and brands from retailers. This expansion is expected to provide a more accurate picture of domestic consumption, aiding in determining the correct figures for the retail inflation rate.

The 2022-23 Domestic Consumption Expenditure survey highlighted a notable decline in the share of spending on food items in household expenditures. The upcoming survey aims to reduce the weightage of food items in measuring consumer price inflation, a key factor considered by the reserve bank of india in formulating monetary policy.

Pranab Sen, the head of the Statistics Ministry panel, mentioned that the government will await the results of the new Household Consumption Expenditure survey for 2023-24, scheduled between august 2023 and July 2024. The insights from this survey will facilitate adjustments in the Consumer Inflation Index. Sen highlighted findings from the 2022-23 survey, indicating a shift in spending patterns towards processed foods, clothing, health services, and consumer durables, with reduced spending on grains.

Sen explained that before incorporating new items into the Consumer Price Index (CPI) index, a retail market survey will be necessary, a process expected to take 5 to 6 months. The change in the base year for measuring retail inflation might occur next year, with the current base year set at 2012. The final report for the household survey for 2022-23 is anticipated to be released in the next two to three months.

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