GDP Base Year Change: The Ministry of Statistics and Program Implementation on Monday said it will release a new series of key macroeconomic data on retail inflation, national accounts and industrial production next year, with the base year changed. The ministry said in the statement that it will release a new series related to retail inflation and national accounts based on Consumer Price Index in February 2026. Whereas the new series of Index of Industrial Production (IIP) will be released in May 2026.

According to the official statement, a consultation workshop will be organized on Tuesday regarding the change in the base year of Gross Domestic Product (GDP), Consumer Price Index (CPI) and Industrial Production Index (IIP).

Ministry statement

Before this, the first workshop was organized in Mumbai on 26 November. The ministry said that the base year of the new series of retail inflation will be 2024 and it will be released on February 12, 2026. At the same time, the data related to national accounts will be released on February 27, 2026, considering the financial year 2022-23 as the base year.

Apart from this, the base year of the new series of IIP will also be 2022-23. Which will be released on May 28, 2026. The ministry said that the main objective of the consultation workshop on change in base year is to share the methodological and structural changes proposed under the base year revision of GDP, CPI and IIP and to receive suggestions and comments from the participants.

The base year of inflation will be 2024

This will help users understand the changes in the revised series. The workshop will see participation from eminent economists, experts from financial institutions and banking sector, case experts, users of key statistical data and senior officials of Central and State Governments.

In this workshop, Vice Chairman of NITI Aayog Suman K. Berry will attend as the chief guest. Apart from this, Chief Economic Advisor V. Ananth Nageswaran, Ministry Secretary Saurabh Garg and Central Statistics Director General N. Of. Santoshi will also be present.

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Retail inflation in india: There has been a slight increase in inflation figures in the country. According to the data of inflation from the consumer price index, where inflation was 1.61 percent in July, it has now increased to 2.07 percent in August. This slight increase in inflation has been caused by increasing green vegetables, fish, oil, egg, eating oil and other everyday things.

However, food inflation remains at -0.69 percent in negative for the third consecutive month. However, it has definitely increased somewhat compared to the month of July, when it fell to -1.76 percent.

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SBI Research Report on GST: GST 2.0 was announced amidst the ongoing trade tariff tension with the US. It is being said that due to extensive changes in GST rates, tax rates on essential household goods and services will be reduced. In addition, it can help reduce retail inflation from 0.65% to 0.75% in the next financial year. On Thursday, SBI Research said that in the 56th meeting of the GST Council on Wednesday, two tax slabs of 5% and 18% have been approved instead of the current four -level tax rate structure.

What is going to happen?
In addition, a special rate of 40% has been fixed for some luxury and harmful goods and services. The new tax rates will be effective from 22 September except tobacco and related products. The SBI report further stated that out of the 453 items which were changed in GST rates, 413 items were seen to be seen to be seen, while only 40 items were seen to be increased. About 295 items now apply 5 percent or 0 GST rate instead of 12 percent.

Since the GST rate of essential commodities (about 295 items) has come down from 12% to 5% or 0, the consumer price index-based inflation in this category can also be reduced by 0.25 to 0.30 percent in FY 2025-26, keeping in mind the effect of getting 60% of customers on food items.

Why can inflation be reduced?

If you believe in SBI Research Report, then rationalization of GST rates on services will reduce retail inflation on other goods and services from 0.40 to 0.45%. In this, customers have been estimated to get 50% benefits.

According to the report, retail inflation may decrease from 0.65 to 0.75% during the financial year 2026-27. The effective weight average GST rate has come down to 11.6 percent in September 2019, which was 14.4 percent in the beginning, with the GST Council rationalized by the GST Council. According to the report, in view of the current change in rates, the effective weight average GST rate can be reduced to 9.5 percent.

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Retail inflation: The common man has been relieved on the inflation front in the country. India’s retail inflation has come down to 1.55 percent this month due to the fall in the prices of food items in the month of July. This is the lowest in the last eight years. According to government data, this is the lowest level of retail inflation since June 2017. Retail inflation in July was lower than the 2.1 percent of June this year, 55 basis points, which is the lowest level of retail inflation since January 2019.

Inflation in negative zone

In July this year, food inflation came down to the negative zone of -1.76 percent over the same month. Food inflation has also fallen by 75 basis points in July as compared to June. Food is the lowest level of inflation since January 2019. The decline in main inflation and food inflation during July 2025 is the reason for the declining prices of pulses, vegetables, grains, eggs and sugar.

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May cpi data: India’s retail inflation was 2.82 percent in May, which was 3.16 percent in April. That is, it has reduced by 34 basis points in the last one month. Retail inflation has become the lowest in May after February 2019. At the same time, in October, retail inflation reached the 14 -month high level 6.21 percent. This decline is more than expected. The CNBC-TV18 pole had estimated inflation to be 2.95 percent in May.

Due to these, there is a decrease in inflation

The credit for this decline in retail inflation in May goes to the decrease in the price of vegetables, fruits, grains, pulses, sugar, confectionery and eggs. All India Consumer Food Price Index (CFPI) is 0.99 percent compared to the annual inflation rate of May 2024. NSO data shows that food inflation in May was 0.99 percent, which is much less than 8.69 percent in the same month a year ago.

There is so much inflation in rural and urban areas

According to data from the National Statistics Office, the same inflation rate for rural areas was 0.95 % and urban inflation was 0.96 %. Food inflation saw a rapid decline of 79 basis points in May 2025. In total, food inflation in May 2025 is the lowest since October 2021.

In May, the main and food inflation in rural areas was 2.59 percent (provisional), while in April 2025 it was 2.92 percent. Urban inflation declined from 3.36 percent in April 2025 to 3.07 percent (provisional) in May 2025. Food inflation has seen a sharp decline of up to 0.96 percent in April 2025 to 0.96 percent in May 2025.

In May, the inflation rate of vegetables decreased from April -10.98 percent to -13.70 percent. Inflation from pulses to other products decreased from April -5.23 percent to -8.22 percent. Inflation of grains and other products was 4.77 %, inflation of milk and products was 3.15 percent. Fuel and light inflation was 2.78 percent.

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