New Delhi, June 23 -- In the midst of a hubbub over West Asia's peace deal and US Fed Chair Kevin Warsh's maiden policy meeting last week, the latest upgrade of India's macroeconomic statistical framework almost went unnoticed.

Following the launch of a new gross domestic product (GDP) series with 2023-24 as its base year, a new consumer price index (CPI) with 2024 as its base, a new index of industrial production (IIP) with base 2022-23 and the promise of a new index of services, the government introduced an updated wholesale price index (WPI) and a producer price index (PPI).

In the WPI's case, the changes include an expanded commodity basket and an update of weights as well as its formula for computation. This new WPI will eventually...