Effective exchange rates are summary indicators
of movements in the exchange rates of home currency
against a basket of currencies of trade partner
countries and are considered to be an indicator of
international competitiveness. Till now, in case of
India, the Reserve Bank was providing the REER index
(6 and 36 currencies) using the wholesale price index
(WPI) for India and consumer price indices (CPI) for
partner countries. However, with the availability of
all India CPI index for India, the Reserve Bank has
now decided to compute and provide data on REER
using new CPI for India. In this context, this article
briefly discusses the methodology along with the
rationale for computing the CPI based REER and also
provides yearly and monthly time series data for both
CPI and WPI based REER indices (both 6 and 36
currency basket based on trade as well export weights)
since 2004-05.
REER based on CPI as Price Index for India
At present, the trade/export weighted REER is
computed using inflation differential based on the WPI
for India and CPI for partner countries. Earlier there
was no single consumer price index that could better
capture nation-wide actual changes in retail prices at
aggregate level. With the launch of new CPI index,
measuring changes in prices of goods and services
consumed by rural and urban households, it is possible
to compute CPI based REER index for India. The CPI
based index of REER is most frequently used indicator
of competitiveness across countries. Thus, REER index
constructed using a CPI for both India and trade partner
countries would ensure a higher degree of comparability
of former’s international competitiveness vis-à-vis
trading partner countries. Further, since October 2013,
the RBI has started providing indicative projections of inflation in terms of the broader CPI-Combined. Thus,
with greater focus on CPI inflation as primary objective
of domestic monetary policy, it is pertinent to have an
alternative index of REER based on CPI. The
methodology used for computation of CPI-based REER
is provided in Annex 1.
To make the CPI based REER consistent and
comparable with extant REER (based on WPI for India),
the base year is chosen to be 2004-05. Although the
new series of Consumer Price Index-Combined (CPI-C)
(Base: 2010=100) is available on a monthly basis from
January-2011, a back-casted series, using CPI-IW since
January 2001, is provided in the Report of the Expert
Committee to Revise and Strengthen the Monetary
Policy Framework (Chairman: Dr. Urjit Patel) released
by the Reserve Bank in January 2014.1 The same series
has been used to compute the CPI based REER index
since 2004-05 both on monthly and yearly basis. For
comparison, the annual series on CPI based REER
(using both trade and export weights) is provided along
with WPI based REER in Table 1 and 2.
Table 1: CPI and WPI Based Index of REER
(Trade Weighted) |
|
36-Currency REER |
6-Currency REER |
(2004-05=100) |
(2004-05=100) |
CPI-
based
REER |
WPI-
based
REER |
CPI-
based
REER |
WPI-based
REER |
2004-05 |
100.0 |
100.0 |
100.0 |
100.0 |
2005-06 |
102.4 |
103.1 |
104.4 |
105.2 |
2006-07 |
100.8 |
101.2 |
103.8 |
104.3 |
2007-08 |
109.2 |
108.5 |
113.4 |
112.8 |
2008-09 |
99.7 |
98.1 |
103.9 |
102.3 |
2009-10 |
103.9 |
95. 7 |
110.7 |
102.0 |
2010-11 |
112.7 |
103.9 |
124.5 |
114.9 |
2011-12 |
110.3 |
101.4 |
121.2 |
111.5 |
2012-13 |
105.6 |
94.6 |
117.1 |
104.9 |
2013-14 P |
103.3 |
89.5 |
112.4 |
97.5 |
P: Provisional |
Table 2: CPI and WPI Based Index of REER (Export Weighted) |
|
36-currency REER |
6-currency REER |
(2004-05=100) |
(2004-05=100) |
CPI-based REER |
WPI-based REER |
CPI-based REER |
WPI-based REER |
2004-05 |
100.0 |
100.0 |
100.0 |
100.0 |
2005-06 |
102.0 |
102.7 |
104.3 |
105.0 |
2006-07 |
100.5 |
100.9 |
104.0 |
104.5 |
2007-08 |
109.2 |
108.6 |
114.6 |
113.9 |
2008-09 |
99.7 |
98.2 |
106.0 |
104.3 |
2009-10 |
105.0 |
96.7 |
113.4 |
104.4 |
2010-11 |
115.0 |
106.1 |
128.5 |
118.5 |
2011-12 |
113.2 |
104.1 |
125.8 |
115.7 |
2012-13 |
108.7 |
97.4 |
121.8 |
109.2 |
2013-14 P |
105.6 |
91.5 |
117.6 |
102.0 |
P: Provisional |
After moving broadly in tandem till 2008-09, the
WPI-based 6/36 currency REER and CPI-based 6/36
currency REER have shown divergent trend since
2009-10 (Tables 1 & 2 and Charts 1 to 4). This reflects
widening differential between WPI and CPI inflation in recent years. Monthly series on both CPI and WPI
based REER Index (both trade and export weighted) is
provided in Annex 2 and 3. The new CPI back-casted
series adjusted for 2004-05 as base year is also provided
in Annex 4.
Annex 1
The Methodology
Nominal effective exchange rate is calculated as geometric
weighted averages of bilateral exchange rates of domestic
currency in terms of foreign currency. The real exchange
rate can be defined as the weighted average of bilateral
nominal exchange rates that have been adjusted for relative
price levels. Specifically, the NEER can be calculated as
follows:
The REER is the weighted average of NEER adjusted by the
ratio of domestic price to foreign prices. Specifically,
Where e represents the exchange rate of Indian rupee
against a numeraire, i.e., the IMF’s Special Drawing Rights
(SDRs) in indexed form and ei is exchange rate of foreign
currency ‘i’ against the numeraire (SDR per currency i) in
indexed form. Similarly, P and Pi represent price index of
home country and price index for trade partner country i,
respectively while n implies number of countries/currencies
(other than home country) covered under NEER and REER
index. As set out in the methodology, the REER has four
parameters/variables pertaining to country/currency
coverage (n), relative prices (P/Pi), weights (wi) and exchange
rates (e/ei).
As in the case of existing REER indices, the Special Drawing
Right (SDR) is used as the numeraire currency in the
construction of CPI based REER indices since the exchange
value of the SDR is determined by a weighted average of a
basket of major currencies (i.e., the U.S. dollar, Euro,
Japanese yen, and pound sterling), which would offset
fluctuations in individual currencies. The exchange rate of
a currency is expressed as the number of units of numaraire
(SDRs) per ith currency. A rise in ‘e’ or ‘e/ei,’ thus represents
an appreciation of rupee relative to the currency i and vice
versa, where e represents exchange rate of Indian rupee
against the numeraire, SDR in indexed form and ei
represents exchange rate of foreign currency ‘i’ against the
numeraire (SDRs) in indexed form.
As in the case of 6 and 36 currency WPI based REER index,
the 6 and 36 currency CPI based REER index also uses a
3-year moving average trade weights with a view to suitably
reflect the dynamically changing pattern of India’s foreign
trade with its major trading partner countries. In order to
calculate the weights, the geometric average of India’s
bilateral trade (exports plus imports) with countries/regions
represented by the 6 currencies/ 36 currencies during the
preceding three years has been taken. This has then been
normalised to arrive at the requisite weights (wi). The
normalised weights (both trade and export weights) for the
6 and 36-currencies, respectively for the year 2013-14 are
provided in Table a and b, respectively.
Table a: 6-currency Normalised Weights for 2013-14 |
(Per cent) |
Country |
Trade Weights |
Export Weights |
China |
26.56 |
14.06 |
Hong Kong |
8.35 |
10.61 |
Euro |
31.09 |
34.21 |
Japan |
6.65 |
5.29 |
UK |
5.79 |
7.35 |
USA |
21.56 |
28.48 |
Table b: 36-currency Normalised Weights for 2013-14 |
(Per cent) |
Country |
Trade
Weights |
Export
Weights |
Country |
Trade
Weights |
Export
Weights |
Argentina |
0.25 |
0.20 |
Philippines |
0.24 |
0.43 |
Australia |
2.36 |
0.91 |
Qatar |
1.89 |
0.25 |
Bangladesh |
0.73 |
1.68 |
Russia |
0.97 |
0.80 |
Brazil |
1.51 |
2.18 |
Saudi Arabia |
5.51 |
2.68 |
Canada |
0.69 |
0.75 |
Singapore |
3.37 |
5.49 |
Taiwan |
1.18 |
1.19 |
South Africa |
2.08 |
1.92 |
Egypt |
0.75 |
1.01 |
Sri Lanka |
0.74 |
1.65 |
Indonesia |
3.02 |
2.47 |
Sweden |
0.40 |
0.30 |
Iran |
2.38 |
1.14 |
Switzerland |
4.80 |
0.40 |
Israel |
0.95 |
1.48 |
Thailand |
1.28 |
1.23 |
Kenya |
0.45 |
1.12 |
Turkey |
0.69 |
1.42 |
Korea |
2.65 |
1.74 |
UAE |
11.44 |
14.84 |
Kuwait |
2.52 |
0.56 |
China |
10.84 |
6.56 |
Malaysia |
2.07 |
1.72 |
Hong Kong |
3.41 |
4.95 |
Mexico |
0.58 |
0.53 |
Euro |
12.69 |
15.97 |
Vietnam |
0.81 |
1.43 |
Japan |
2.72 |
2.47 |
Nigeria |
2.49 |
1.05 |
UK |
2.36 |
3.43 |
Pakistan |
0.36 |
0.75 |
USA |
8.80 |
13.30 |
Annex 2: CPI and WPI based Index of REER (Monthly Series) (Contd.) |
|
36-currency REER
(Trade Weights) |
6-currency REER
(Trade Weights) |
|
36-currency REER
(Trade Weights) |
6-currency REER
(Trade Weights) |
(2004-05=100) |
(2004-05=100) |
(2004-05=100) |
(2004-05=100) |
CPI-based
REER |
WPI-based
REER |
CPI-based
REER |
WPI-based
REER |
CPI-based
REER |
WPI-based
REER |
CPI-based
REER |
WPI-based
REER |
Apr-04 |
101.85 |
102.14 |
102.11 |
105.03 |
Jan-07 |
102.61 |
102.81 |
105.91 |
106.12 |
May-04 |
100.26 |
100.28 |
100.23 |
102.29 |
Feb-07 |
102.69 |
102.71 |
106.15 |
106.16 |
Jun-04 |
99.69 |
99.14 |
99.25 |
100.52 |
Mar-07 |
102.16 |
102.45 |
105.48 |
105.78 |
Jul-04 |
98.81 |
98.52 |
98.28 |
98.77 |
Apr-07 |
105.54 |
106.42 |
109.70 |
110.62 |
Aug-04 |
99.38 |
99.57 |
99.01 |
98.61 |
May-07 |
109.05 |
109.57 |
113.92 |
114.46 |
Sep-04 |
99.86 |
99.80 |
99.57 |
99.02 |
Jun-07 |
109.85 |
109.70 |
114.21 |
114.05 |
Oct-04 |
99.84 |
99.23 |
99.72 |
98.42 |
Jul-07 |
110.93 |
109.95 |
114.97 |
113.95 |
Nov-04 |
99.03 |
99.51 |
99.06 |
98.07 |
Aug-07 |
110.57 |
109.45 |
114.31 |
113.15 |
Dec-04 |
99.53 |
99.77 |
99.37 |
99.12 |
Sep-07 |
110.74 |
109.57 |
114.77 |
113.55 |
Jan-05 |
100.71 |
100.70 |
101.31 |
100.30 |
Oct-07 |
111.75 |
110.00 |
116.38 |
114.56 |
Feb-05 |
100.98 |
101.07 |
101.55 |
100.53 |
Nov-07 |
110.30 |
108.80 |
114.32 |
112.77 |
Mar-05 |
99.95 |
100.44 |
100.70 |
99.69 |
Dec-07 |
110.37 |
108.78 |
114.57 |
112.92 |
Apr-05 |
100.85 |
101.87 |
101.79 |
102.82 |
Jan-08 |
109.00 |
107.94 |
113.39 |
112.29 |
May-05 |
101.27 |
102.61 |
102.73 |
104.09 |
Feb-08 |
107.48 |
107.11 |
112.00 |
111.61 |
Jun-05 |
102.67 |
104.27 |
104.21 |
105.84 |
Mar-08 |
104.77 |
105.22 |
108.74 |
109.21 |
Jul-05 |
104.97 |
106.01 |
106.38 |
107.43 |
Apr-08 |
104.94 |
105.89 |
109.59 |
110.58 |
Aug-05 |
103.77 |
104.59 |
105.24 |
106.07 |
May-08 |
99.57 |
100.75 |
104.68 |
105.92 |
Sep-05 |
102.84 |
104.19 |
104.20 |
105.57 |
Jun-08 |
98.49 |
100.94 |
103.21 |
105.77 |
Oct-05 |
102.19 |
103.02 |
103.87 |
104.71 |
Jul-08 |
98.90 |
100.67 |
103.44 |
105.29 |
Nov-05 |
102.15 |
102.14 |
104.37 |
104.36 |
Aug-08 |
101.86 |
102.69 |
107.36 |
108.24 |
Dec-05 |
101.37 |
101.12 |
103.96 |
103.70 |
Sep-08 |
98.92 |
98.49 |
104.13 |
103.67 |
Jan-06 |
102.26 |
102.35 |
105.29 |
105.38 |
Oct-08 |
98.16 |
96.00 |
102.23 |
99.98 |
Feb-06 |
102.49 |
102.78 |
106.03 |
106.33 |
Nov-08 |
100.44 |
96.78 |
104.62 |
100.80 |
Mar-06 |
101.79 |
102.17 |
105.33 |
105.73 |
Dec-08 |
98.53 |
94.44 |
102.55 |
98.30 |
Apr-06 |
99.79 |
101.14 |
103.48 |
104.87 |
Jan-09 |
98.76 |
94.15 |
102.65 |
97.86 |
May-06 |
98.10 |
98.98 |
101.51 |
102.42 |
Feb-09 |
100.27 |
94.70 |
103.33 |
97.58 |
Jun-06 |
98.94 |
99.53 |
101.53 |
102.14 |
Mar-09 |
96.90 |
91.42 |
99.53 |
93.90 |
Jul-06 |
98.29 |
99.14 |
100.77 |
101.64 |
Apr-09 |
96.67 |
91.29 |
101.79 |
96.12 |
Aug-06 |
98.11 |
98.90 |
100.78 |
101.59 |
May-09 |
98.41 |
92.64 |
104.65 |
98.51 |
Sep-06 |
99.98 |
100.73 |
102.81 |
103.58 |
Jun-09 |
99.69 |
93.45 |
105.30 |
98.71 |
Oct-06 |
103.01 |
102.98 |
106.04 |
106.01 |
Jul-09 |
101.33 |
92.81 |
106.83 |
97.84 |
Nov-06 |
103.42 |
103.29 |
106.43 |
106.30 |
Aug-09 |
101.73 |
93.35 |
107.78 |
98.90 |
Dec-06 |
101.96 |
101.97 |
104.96 |
104.97 |
Sep-09 |
101.20 |
92.60 |
107.63 |
98.48 |
Annex 2: CPI and WPI based Index of REER (Monthly Series) (Concld.) |
|
36-currency REER
(Trade Weights) |
6-currency REER
(Trade Weights) |
|
36-currency REER
(Trade Weights) |
6-currency REER
(Trade Weights) |
(2004-05=100) |
(2004-05=100) |
(2004-05=100) |
(2004-05=100) |
CPI-based
REER |
WPI-based
REER |
CPI-based
REER |
WPI-based
REER |
CPI-based
REER |
WPI-based
REER |
CPI-based
REER |
WPI-based
REER |
Oct-09 |
104.75 |
95.27 |
111.63 |
101.53 |
Jan-12 |
105.98 |
96.97 |
115.91 |
106.39 |
Nov-09 |
106.76 |
96.58 |
113.71 |
102.86 |
Feb-12 |
110.28 |
100.88 |
120.66 |
110.58 |
Dec-09 |
107.28 |
97.21 |
114.76 |
103.99 |
Mar-12 |
107.95 |
98.47 |
118.88 |
109.26 |
Jan-10 |
109.82 |
100.21 |
117.62 |
107.33 |
Apr-12 |
105.41 |
97.04 |
116.33 |
107.09 |
Feb-10 |
108.85 |
100.26 |
117.24 |
107.98 |
May-12 |
102.19 |
93.43 |
113.27 |
103.56 |
Mar-10 |
110.07 |
102.34 |
119.85 |
111.43 |
Jun-12 |
101.30 |
91.98 |
111.90 |
101.60 |
Apr-10 |
112.00 |
105.28 |
122.86 |
115.49 |
Jul-12 |
103.79 |
93.46 |
115.20 |
103.73 |
May-10 |
111.72 |
104.54 |
123.66 |
115.72 |
Aug-12 |
104.18 |
93.51 |
115.94 |
104.06 |
Jun-10 |
111.75 |
103.75 |
123.57 |
114.72 |
Sep-12 |
105.59 |
94.77 |
117.17 |
105.17 |
Jul-10 |
110.92 |
101.50 |
122.56 |
112.16 |
Oct-12 |
108.97 |
96.93 |
120.47 |
107.16 |
Aug-10 |
110.62 |
101.20 |
122.75 |
112.30 |
Nov-12 |
106.25 |
94.30 |
117.82 |
104.57 |
Sep-10 |
112.20 |
102.33 |
124.54 |
113.57 |
Dec-12 |
105.83 |
93.77 |
117.71 |
104.30 |
Oct-10 |
114.40 |
104.38 |
125.82 |
114.80 |
Jan-13 |
106.89 |
95.03 |
118.29 |
105.16 |
Nov-10 |
113.45 |
103.42 |
125.15 |
114.64 |
Feb-13 |
108.33 |
96.04 |
120.18 |
106.54 |
Dec-10 |
114.91 |
105.22 |
127.78 |
117.48 |
Mar-13 |
108.08 |
95.07 |
120.72 |
106.19 |
Jan-11 |
114.65 |
105.65 |
126.89 |
116.92 |
Apr-13 |
107.99 |
95.21 |
120.87 |
106.57 |
Feb-11 |
112.81 |
104.62 |
124.18 |
115.16 |
May-13 |
107.98 |
94.42 |
121.20 |
106.01 |
Mar-11 |
112.78 |
105.27 |
124.26 |
115.98 |
Jun-13 |
103.20 |
89.69 |
114.22 |
99.27 |
Apr-11 |
112.94 |
106.65 |
124.19 |
117.27 |
Jul-13 |
103.97 |
90.39 |
112.99 |
98.23 |
May-11 |
112.13 |
105.20 |
123.92 |
116.26 |
Aug-13 |
99.40 |
87.11 |
107.56 |
94.31 |
Jun-11 |
113.56 |
105.36 |
124.91 |
115.89 |
Sep-13 |
99.27 |
86.76 |
107.64 |
94.16 |
Jul-11 |
115.87 |
106.61 |
127.60 |
117.40 |
Oct-13 |
102.56 |
88.87 |
111.11 |
96.28 |
Aug-11 |
114.57 |
104.75 |
126.14 |
115.34 |
Nov-13 |
102.90 |
88.27 |
111.61 |
95.74 |
Sep-11 |
111.81 |
101.90 |
122.96 |
112.07 |
Dec-13 |
102.93 |
88.32 |
111.34 |
95.54 |
Oct-11 |
109.11 |
99.25 |
119.29 |
108.51 |
Jan-14 |
102.69 |
88.16 |
109.88 |
94.33 |
Nov-11 |
106.26 |
96.65 |
116.40 |
105.87 |
Feb-14 |
102.40 |
87.91 |
109.41 |
93.93 |
Dec-11 |
102.81 |
93.87 |
113.19 |
103.33 |
Mar-14 |
104.20 |
89.46 |
111.37 |
95.61 |
Note: Monthly data for 2013-14 are provisional. |
Annex 3: CPI and WPI based Index of REER (Monthly Series) (Contd.) |
|
36-currency REER
(Export Weights) |
6-currency REER
(Export Weights) |
|
36-currency REER
(Export Weights) |
6-currency REER
(Export Weights) |
(2004-05=100) |
(2004-05=100) |
(2004-05=100) |
(2004-05=100) |
CPI-based
REER |
WPI-based
REER |
CPI-based
REER |
WPI-based
REER |
CPI-based
REER |
WPI-based
REER |
CPI-based
REER |
WPI-based
REER |
Apr-04 |
101.66 |
101.95 |
101.65 |
101.95 |
Jan-07 |
102.16 |
102.36 |
106.87 |
107.08 |
May-04 |
99.85 |
99.88 |
99.56 |
99.58 |
Feb-07 |
102.21 |
102.23 |
106.98 |
106.99 |
Jun-04 |
99.45 |
98.91 |
98.87 |
98.33 |
Mar-07 |
101.70 |
101.98 |
106.05 |
106.34 |
Jul-04 |
98.72 |
98.43 |
98.46 |
98.17 |
Apr-07 |
105.35 |
106.23 |
109.93 |
110.85 |
Aug-04 |
99.14 |
99.33 |
98.85 |
99.04 |
May-07 |
108.86 |
109.38 |
113.71 |
114.26 |
Sep-04 |
99.55 |
99.49 |
99.50 |
99.44 |
Jun-07 |
109.62 |
109.46 |
114.51 |
114.35 |
Oct-04 |
99.74 |
99.14 |
99.59 |
98.99 |
Jul-07 |
110.88 |
109.89 |
115.93 |
114.90 |
Nov-04 |
99.37 |
99.85 |
99.15 |
99.63 |
Aug-07 |
110.41 |
109.29 |
115.23 |
114.07 |
Dec-04 |
100.10 |
100.35 |
99.78 |
100.03 |
Sep-07 |
110.70 |
109.53 |
115.59 |
114.36 |
Jan-05 |
100.99 |
100.98 |
101.51 |
101.49 |
Oct-07 |
111.88 |
110.13 |
117.39 |
115.56 |
Feb-05 |
101.19 |
101.27 |
102.08 |
102.17 |
Nov-07 |
110.54 |
109.04 |
115.66 |
114.10 |
Mar-05 |
100.25 |
100.73 |
100.96 |
101.45 |
Dec-07 |
110.46 |
108.87 |
115.83 |
114.17 |
Apr-05 |
100.99 |
102.01 |
101.79 |
102.82 |
Jan-08 |
109.10 |
108.04 |
115.75 |
114.63 |
May-05 |
101.29 |
102.63 |
102.40 |
103.75 |
Feb-08 |
107.70 |
107.33 |
114.28 |
113.89 |
Jun-05 |
102.37 |
103.97 |
103.90 |
105.52 |
Mar-08 |
105.21 |
105.66 |
110.94 |
111.41 |
Jul-05 |
104.44 |
105.47 |
106.33 |
107.38 |
Apr-08 |
105.56 |
106.52 |
111.57 |
112.57 |
Aug-05 |
103.47 |
104.29 |
105.06 |
105.88 |
May-08 |
100.00 |
101.18 |
105.99 |
107.25 |
Sep-05 |
102.47 |
103.82 |
103.87 |
105.23 |
Jun-08 |
98.92 |
101.37 |
104.95 |
107.55 |
Oct-05 |
101.66 |
102.50 |
103.60 |
104.44 |
Jul-08 |
99.44 |
101.22 |
105.70 |
107.59 |
Nov-05 |
101.52 |
101.51 |
104.03 |
104.02 |
Aug-08 |
102.16 |
102.99 |
109.29 |
110.18 |
Dec-05 |
100.86 |
100.62 |
103.51 |
103.26 |
Sep-08 |
99.08 |
98.64 |
106.17 |
105.70 |
Jan-06 |
101.81 |
101.90 |
105.51 |
105.60 |
Oct-08 |
98.09 |
95.93 |
104.60 |
102.29 |
Feb-06 |
101.97 |
102.25 |
106.06 |
106.36 |
Nov-08 |
100.20 |
96.54 |
107.11 |
103.20 |
Mar-06 |
101.25 |
101.63 |
105.13 |
105.52 |
Dec-08 |
98.39 |
94.31 |
104.21 |
99.89 |
Apr-06 |
99.50 |
100.84 |
103.22 |
104.61 |
Jan-09 |
98.36 |
93.77 |
103.66 |
98.82 |
May-06 |
98.10 |
98.99 |
100.99 |
101.89 |
Feb-09 |
99.91 |
94.36 |
106.23 |
100.32 |
Jun-06 |
98.71 |
99.30 |
101.33 |
101.94 |
Mar-09 |
96.54 |
91.08 |
102.15 |
96.37 |
Jul-06 |
98.08 |
98.93 |
100.90 |
101.77 |
Apr-09 |
97.38 |
91.96 |
104.12 |
98.32 |
Aug-06 |
97.90 |
98.69 |
100.70 |
101.50 |
May-09 |
99.30 |
93.48 |
106.41 |
100.17 |
Sep-06 |
99.59 |
100.33 |
102.74 |
103.51 |
Jun-09 |
100.55 |
94.26 |
107.33 |
100.61 |
Oct-06 |
102.51 |
102.47 |
106.12 |
106.08 |
Jul-09 |
102.17 |
93.58 |
109.43 |
100.22 |
Nov-06 |
103.19 |
103.07 |
106.66 |
106.53 |
Aug-09 |
102.59 |
94.15 |
110.12 |
101.06 |
Dec-06 |
101.95 |
101.96 |
105.18 |
105.19 |
Sep-09 |
102.16 |
93.48 |
109.83 |
100.50 |
Annex 3: CPI and WPI based Index of REER (Monthly Series) (Concld.) |
|
36-currency REER
(Export Weights) |
6-currency REER
(Export Weights) |
|
36-currency REER
(Export Weights) |
6-currency REER
(Export Weights) |
(2004-05=100) |
(2004-05=100) |
(2004-05=100) |
(2004-05=100) |
CPI-based
REER |
WPI-based
REER |
CPI-based
REER |
WPI-based
REER |
CPI-based
REER |
WPI-based
REER |
CPI-based
REER |
WPI-based
REER |
Oct-09 |
105.85 |
96.28 |
114.18 |
103.85 |
Jan-12 |
108.83 |
99.57 |
122.08 |
111.70 |
Nov-09 |
107.85 |
97.56 |
116.29 |
105.20 |
Feb-12 |
113.12 |
103.48 |
126.52 |
115.73 |
Dec-09 |
108.50 |
98.32 |
117.22 |
106.22 |
Mar-12 |
111.04 |
101.29 |
124.04 |
113.15 |
Jan-10 |
111.18 |
101.45 |
121.31 |
110.70 |
Apr-12 |
108.35 |
99.75 |
120.58 |
111.00 |
Feb-10 |
110.34 |
101.62 |
120.84 |
111.29 |
May-12 |
105.01 |
96.01 |
116.86 |
106.84 |
Mar-10 |
111.75 |
103.90 |
123.18 |
114.53 |
Jun-12 |
104.31 |
94.71 |
116.06 |
105.38 |
Apr-10 |
113.84 |
107.02 |
126.17 |
118.61 |
Jul-12 |
106.95 |
96.31 |
120.21 |
108.25 |
May-10 |
113.51 |
106.21 |
126.72 |
118.57 |
Aug-12 |
107.34 |
96.34 |
120.71 |
108.34 |
Jun-10 |
113.59 |
105.46 |
127.30 |
118.18 |
Sep-12 |
108.70 |
97.56 |
121.63 |
109.17 |
Jul-10 |
113.63 |
103.98 |
126.95 |
116.18 |
Oct-12 |
112.15 |
99.76 |
125.36 |
111.51 |
Aug-10 |
112.73 |
103.13 |
125.90 |
115.18 |
Nov-12 |
109.46 |
97.15 |
122.90 |
109.07 |
Sep-10 |
114.49 |
104.41 |
128.33 |
117.03 |
Dec-12 |
109.09 |
96.67 |
122.38 |
108.44 |
Oct-10 |
116.71 |
106.49 |
129.82 |
118.45 |
Jan-13 |
110.13 |
97.91 |
124.01 |
110.25 |
Nov-10 |
115.78 |
105.54 |
129.10 |
117.69 |
Feb-13 |
111.63 |
98.97 |
125.60 |
111.35 |
Dec-10 |
117.53 |
107.62 |
131.93 |
120.81 |
Mar-13 |
111.34 |
97.94 |
125.85 |
110.70 |
Jan-11 |
117.34 |
108.13 |
132.18 |
121.80 |
Apr-13 |
110.97 |
97.84 |
126.04 |
111.13 |
Feb-11 |
115.52 |
107.12 |
129.06 |
119.68 |
May-13 |
110.82 |
96.91 |
125.72 |
109.97 |
Mar-11 |
115.60 |
107.90 |
128.51 |
119.95 |
Jun-13 |
106.11 |
92.22 |
119.06 |
103.47 |
Apr-11 |
115.44 |
109.01 |
127.87 |
120.75 |
Jul-13 |
106.15 |
92.29 |
118.55 |
103.06 |
May-11 |
114.74 |
107.65 |
127.09 |
119.24 |
Aug-13 |
101.43 |
88.91 |
112.57 |
98.70 |
Jun-11 |
116.41 |
108.01 |
128.90 |
119.60 |
Sep-13 |
101.28 |
88.54 |
112.35 |
98.28 |
Jul-11 |
119.07 |
109.56 |
132.72 |
122.12 |
Oct-13 |
104.66 |
90.68 |
116.14 |
100.63 |
Aug-11 |
117.92 |
107.82 |
130.85 |
119.64 |
Nov-13 |
104.97 |
90.04 |
116.69 |
100.10 |
Sep-11 |
114.96 |
104.77 |
127.49 |
116.19 |
Dec-13 |
105.00 |
90.10 |
115.99 |
99.53 |
Oct-11 |
112.07 |
101.94 |
124.02 |
112.81 |
Jan-14 |
104.74 |
89.92 |
115.72 |
99.34 |
Nov-11 |
109.04 |
99.18 |
120.94 |
110.00 |
Feb-14 |
104.38 |
89.61 |
115.07 |
98.79 |
Dec-11 |
105.57 |
96.38 |
117.51 |
107.28 |
Mar-14 |
106.21 |
91.18 |
117.22 |
100.63 |
Note: Monthly data for 2013-14 are provisional. |
Annex 4: New Consumer Price Index (Base 2004-05=100) |
|
2004-05 |
2005-06 |
2006-07 |
2007-08 |
2008-09 |
2009-10 |
2010-11 |
2011-12 |
2012-13 |
2013-14 |
April |
97.2 |
101.8 |
106.2 |
113.4 |
122.4 |
132.0 |
147.1 |
161.1 |
177.6 |
194.3 |
May |
98.0 |
101.2 |
107.5 |
114.1 |
122.5 |
133.3 |
148.3 |
162.4 |
179.3 |
196.0 |
June |
98.7 |
101.3 |
109.0 |
115.0 |
124.2 |
134.8 |
150.2 |
165.0 |
181.4 |
199.3 |
July |
99.5 |
103.0 |
109.7 |
116.6 |
126.3 |
139.5 |
153.6 |
167.6 |
184.1 |
201.9 |
August |
100.4 |
103.3 |
110.4 |
117.1 |
127.9 |
140.9 |
153.8 |
169.4 |
186.4 |
204.1 |
September |
100.6 |
103.4 |
111.2 |
117.2 |
129.1 |
142.0 |
155.2 |
171.4 |
188.1 |
206.6 |
October |
101.3 |
104.3 |
112.5 |
118.1 |
131.5 |
143.5 |
156.1 |
172.6 |
189.4 |
208.5 |
November |
101.0 |
105.4 |
112.5 |
118.3 |
131.5 |
146.4 |
157.0 |
173.1 |
190.2 |
211.6 |
December |
100.3 |
105.0 |
112.1 |
118.3 |
129.7 |
146.7 |
158.8 |
172.3 |
190.5 |
209.3 |
January |
101.0 |
105.1 |
112.1 |
118.5 |
130.3 |
147.7 |
160.6 |
172.9 |
191.6 |
208.4 |
February |
101.0 |
105.1 |
112.4 |
119.2 |
130.1 |
146.4 |
159.7 |
173.8 |
192.8 |
|
March |
101.0 |
105.1 |
112.4 |
120.9 |
130.6 |
146.1 |
160.2 |
175.2 |
193.4 |
|
Note: Based on back-casted series provided in Report of the Expert Committee to Revise and Strengthen the Monetary
Policy Framework,
January 2014. |
|