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QUIZ – 2016: Insights Current Affairs Quiz- 120

 Insights Current Affairs Quiz (2016)  – 120

23 May 2016



Question 2, Quiz 119, 21st May (Click HERE ): CPI, unless otherwise specified, should be considered to be combined CPI. According to Arthapedia (Click HERE), “The Reserve Bank of India (RBI) has started using CPI-combined as the sole inflation measure for the purpose of monetary policy. As per the agreement on Monetary Policy Framework between the Government and the RBI dated February 20, 2015 the sole of objective of RBI is price stability and a target is set for inflation as measured by the Consumer Price Index-Combined.” .. So when we usually say that the RBI uses CPI for measuring inflation, it means CPI-combined.

As was pointed out by a couple of Insightians, Statement 1 (“The base year is 2012”) is not a new development. Additionally, statement 2 (“Weights for food and fuel items add up to about 60%”) has been wrongly worded. It should have instead been, “Weights for food and fuel items, including pan,tobacco and intoxicants add up to about 60%”.

This question was framed on the basis of two sources – the ET article (dated 20th May), and the Economic Survey 2014-15 Volume 2, table 5.2, page 70. We should have double-checked the information provided in the article. Based on the latest Press Release by MoSPI on CPI dated 12th May (Click HERE), CPI-combined weight for food, beverages, pan, tobacco and intoxicants adds up to 55.08% and not 65.6% as has been highlighted in the article.

It could also be that the CPI composition was updated between the 12th and 20th May. We could not find any PIB release or news articles associated with any such development. If you did (or do), please share it in the comments section below.

Until further notice, consider this particular question to be invalid.

The following quiz will have 5-10 MCQs . The questions are mainly framed from The Hindu  and PIB news articles.

This quiz is intended to introduce you to concepts and certain important facts relevant to UPSC IAS civil services preliminary exam 2016. It is not a test of your knowledge. If you score less, please do not mind. Read again sources provided and try to remember better.

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The following Quiz is based on the Hindu, PIB and other news sources. It is a current events based quiz. Solving these questions will help retain both concepts and facts relevant to UPSC IAS civil services exam.

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