In the context of inflation measurement, which of the following statements correctly distinguishes between the Wholesale Price Index (WPI) and the Consumer Price Index (CPI)?
1
WPI measures changes in the prices of goods at the retail level, while CPI measures changes in the prices of goods at the wholesale level.
2
WPI includes services, while CPI includes only goods.
3
WPI is used to measure inflation at the producer level, while CPI measures inflation at the consumer level.
4
WPI is the preferred measure for setting monetary policy, while CPI is used for setting fiscal policy.
5
Both WPI and CPI include the same basket of goods and services.