The government has completed the Household Consumption Expenditure Survey (HCES) exercise for 2023-24, and preliminary analysis shows that its results are largely similar to the one of 2022-23, a senior official told FE. So, the 2022-23 survey results are most likely to be used for formulating the new Consumer Price Index (CPI) series to avoid any further delay in its formulation, the official added.
The HCES 2023-24 was conducted for two reasons: checking robustness of the methodology adopted to conduct the 2022-23 survey; and ensuring that the previous survey results were not influenced by pent-up demand.
