The government has set up a committee to devise an allnew barometer called the Producer Price Index as it is readying to consign the Wholesale Price Index to history, months after Reserve Bank of India started giving more importance to the upgraded Consumer Price Index as a gauge of inflation.The proposed index will seek to bring India's inflation gauge on a par with international standards, with PPI tracking changes at the producer level for both goods and services and CPI providing details of retail prices.

Source - http://economictimes.indiatimes.com