The correct answer is (c) Consumer Price Index.
The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. The CPI is a key measure of inflation, and is used to adjust wages, salaries, pensions, and other payments.
The Wholesale Price Index (WPI) is a measure of the average change over time in the prices received by domestic producers for their output. The WPI is not a good measure of inflation, because it does not include the prices paid by consumers.
The Price Index
of Industrial Goods (PIG) is a measure of the average change over time in the prices of industrial goods. The PIG is not a good measure of inflation, because it does not include the prices paid by consumers.The Consumer Price Index is the most common measure of estimating inflation in India because it is a measure of the prices paid by consumers, which is the most relevant measure of inflation for most people.