Kirti Delhi, India 226 Questions 325 Answers 23 Best Answers 1k Points View Profile Kirti Asked: June 9, 20212021-06-09T10:35:23+05:30 2021-06-09T10:35:23+05:30In: UPSC PRELIMS What is Consumer Price Index for industrial workers? What is Consumer Price Index for industrial workers? general Share Facebook 1 Answer Recent Ishu Innovative 370 Questions 228 Answers 176 Best Answers 1k Points View Profile Best Answer Ishu Innovative 2021-06-09T10:43:34+05:30Added an answer on June 9, 2021 at 10:43 am Consumer price Index : Industrial Workers (CPI- IW) is the oldest among the CPI indices as its dissemination started as early as 1946. The history of compilation and maintenance of the Consumer Price Index for Industrial workers owes its origin to the deteriorating economic condition of the workers post-world war which resulted in a sharp increase in prices. Consumer Price Index Numbers for Industrial workers measure a change over time in prices of a fixed basket of goods and services consumed by Industrial Workers. CPI-IW also includes selected services and is measured on the basis of retail prices. The target group is an average working-class family belonging to any of the seven sectors of the economy- factories, mines, plantation, motor transport, port, railways and electricity generation and distribution. Consumer Price Index for Industrial Worker (CPI-IW) with the base year 2016, is being compiled and maintained by Labour Bureau, an attached office of Ministry of Labour & Employment. The index has a time lag of one month and is released on the last working day of the month (monthly). The CPI-IW is the single most important price statistics, which has financial implications. It is primarily used to regulate the dearness allowance of government employees and the workers in the industrial sectors. It is also used in fixation and revision of minimum wages in scheduled employments besides measuring the inflation in retail prices. 1 Reply Share Share Share on Facebook Share on Twitter Share on WhatsApp Cancel the best answer Leave an answerCancel replyYou must login or register to add a new answer. Related Questions What is E-Waste? Describe Narrow Band-Internet of Things (NB-IoT).