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India should as fast as possible adopt consumer price index (CPI) as main gauge of inflation, Parthasarathi Shome, Advisor to Finance Minister, has said.
Focusing wholly on wholesale price index (WPI)-based inflation is not the right approach, Shome said at an Assocham industry interaction here.
Shome also said that it is not enough to look only at core inflation. "One must look at full inflation and not core inflation alone"
He stressed the need to develop analytical approaches to look increasingly at CPI. Most of the countries around the world use CPI as main gauge of inflation, Shome pointed out.
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