India is poised to launch Producer Price Indices (PPI) that will cover output, input, and services, aimed at providing a more accurate picture of inflation from June 15, according to a release by the Ministry of Commerce & Industry on Tuesday.

The government aims to replace the Wholesale Price Index, which is currently used to measure producer-level inflation, with the PPI over the next five years. Till then, both WPI and PPI data will be released simultaneously, after which WPI will be discontinued.

The base year for WPI has also been revised to 2022-23 from 2011-12, starting from the upcoming data release on June 15.

The PPI data will not be released on a consolidated basis but through three indices - Input PPI, Output PPI, and Services PPI. The Services PPI will be released quarterly, while the other two will be published every month.

"The transition from WPI to PPI is in alignment with the global best practices adopted by advanced economies and the recommendations of the International Monetary Fund (IMF)," the commerce ministry's statement said.