Beginning today, the government will release the nation-wide Consumer Price Index on a monthly basis. It will better reflect the retail price movement and will help the RBI take effective monetary policy steps to deal with inflation. The new Consumer Price Index, according to experts, will eventually replacethe Wholesale Price Index, WPI for policy actions to deal with the price situation. As of now, Inflation is calculated on the basis of Wholesale Price Index as the bench mark. But experts said, the Consumer Price Index uses defined basket of goods andservices that represents purchasing pattern of a particular household. Since this is driven from the consumption side, it provides a relatively realistic view on howconsumers are affected.