Forecasting and Monitoring Prices Indices (Rate of Inflation) (Based on Time Series Model for India)

Abstract

There has been a long felt need for developing a forecasting and monitoring system for Wholesale Price Indices (WPI) based on a time series model for India in order to strengthen the planning processes of various Central economic ministries. Towards this end, based on a suggestion from Dr. C. Rangarajan, Member, Planning Commission, the Director General, National Informatics Centre, assigned the responsibility for undertaking such a development work to the Analytics and Modelling Division of NIC.