Office of Economic Adviser, DPIIT revises WPI base year to 2022–23
Contract and procurement teams must migrate escalation clause references from WPI 2011-12 to Output PPI or the new WPI 2022-23 series before 15 June 2031 — the old series will be discontinued on that date.
Change
The Office of Economic Adviser, DPIIT will release the revised WPI series with base year 2022-23 on 15 June 2026 at 12:00 noon, replacing the 2011-12 series and publishing new Output PPI, Trial Input PPI (manufacturing), and Service PPI; the old series will be discontinued five years after release.
Why it matters
The revised WPI (2022-23) expands coverage to 957 items, incorporates renewable and nuclear electricity, reorganises fuel categories, and adopts improved weighting and computation methodology. A linking factor and 37-month back series are provided to preserve historical continuity. The five-year parallel publication window creates a firm transition deadline for contracts and models referencing WPI. Corporate contracts with WPI-indexed escalation clauses must be assessed — those referencing WPI generically will default to the new 2022-23 series from 15 June 2026.
Implications
- — Contract and procurement teams with WPI-indexed price escalation clauses must update contractual index references to Output PPI or the revised WPI 2022-23 series before 15 June 2031 — contracts tied to the old 2011-12 series will reference a discontinued index after that date.
- — Corporate treasury and pricing teams must reconfigure inflation-adjustment and cost escalation models to consume the new 2022-23 base series from 15 June 2026 — continuing to use old series values after the new series launches creates calculations misaligned with the official published index.
- — Economic research and data teams must apply the published linking factor and ingest the back series (April 2023–April 2026) at or before first use of the revised series on 15 June 2026 to preserve historical time-series continuity.
Who is affected
- — Contract and procurement teams with WPI-indexed price escalation clauses in construction, infrastructure, supply, and government contracts
- — Corporate treasury and pricing teams managing inflation-adjustment and cost escalation models
- — Economic research and data teams at firms and public agencies using WPI for historical analysis
What to watch
- — 15 June 2026: revised WPI (2022-23) and new PPI series released at 12:00 noon — old 2011-12 series replaced as the current index from this date.
- — ~15 June 2031: old WPI 2011-12 series discontinued five years after release — all contracts and models must have transitioned by this date.