ECC approves change in base of price stats to 2015-16

MG News | July 17, 2019 at 05:10 PM GMT+05:00

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July 17, 2019 (MLN): The Economic Coordination Committee (ECC) has endorsed the decision of Governing Council of Pakistan Bureau of Statistics (PBS) to change the base of price statistics from 2007-08 to 2015-16. The new base 2015-16 of price statistics has the following features:

Inclusion of rural market.
Introduction of population weight based on recent Population Censes 2017.
Computation of indices based on Weighted Geometric Mean.
Introduction of consumption quintiles instead of income quintiles.
Introduction of consumer weighted approach to compute gas prices for combined income group.
Introduction of GST, other taxes Fuel Price Adjustment to compute electricity tariffs using consumer weighted approach.

It was also decided that for the purpose of comparative analysis, the old series of 2007-08 will continue to be published for another year along with the new series of 2015-16.

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