New Delhi, Feb. 11 -- India's Consumer Price Index (CPI) is finally getting a reset.

On Thursday, the statistics ministry will roll out a revised CPI series with a new 2024 base year, replacing the 2012 base year that has measured inflation prints for over a decade. The new series updates both the base year and methodology to reflect how Indian households actually spend today, using findings from the Household Consumption Expenditure Survey, 2023-24.

Mint examines some of the key changes, and why it matters:

At the heart of the CPI revamp is a recalibration of weights across spending categories. The most consequential shift is the reduced weight of food and beverages, which falls to 36.8% of the CPI basket from 45.9%. Within this, food...