Find the consumer price index for 2014 on the base of 2008, from the following data. Using the method of weighted relatives.
| Item | Food | Rent | Clothing | Fuel | Miscellaneous |
| Price in 2008 (in ₹) | 200 | 100 | 150 | 50 | 100 |
| Price in 2914 (in ₹) | 280 | 200 | 120 | 100 | 200 |
| Weight | 30 | 20 | 20 | 10 | 20 |
Answer & explanation
Correct answer: option 2
The correct answer is option (2) : 158
|
Price relative $I=\frac{p_1}{p_0}×100$ |
$Iw$ |
|
140 200 80 200 200
|
4200 4000 1600 2000 400 $∑Iw= 15800$ |
∴Index number $=\frac{∑Iw}{∑w}=\frac{15800}{100}= 158$