Starting Tuesday, the government will release the nation-wide Consumer Price Index (CPI) on a monthly basis for better reflection of retail price movement and to help the Reserve Bank of India take effective monetary policy steps to deal with inflation.

The new CPI, according to experts, will eventually replace the Wholesale Price Index (WPI) for policy actions to deal with the price situation. The monthly CPI will be in addition to the three retail price indices — for agricultural labourers, rural labourers and industrial workers — prepared by the Ministry of Labour. — PTI