Consider the following statements:
1.The Consumer Price Index (CPI) directly measures the cost of living by quantifying the changes in the prices of consumer goods and services purchased by households.
2.The Wholesale Price Index (WPI) represents the price of goods at a wholesale stage and is a marker used to calculate inflation in the economy.
3.Inflation, as measured by both CPI and WPI, essentially reflects the same trend in the economy even though they measure prices at different stages of distribution.
Which of the statements given above is/are correct?
1
1 and 2 only
2
2 and 3 only
3
1, 2, and 3
4
More than one of the above
5
None of the above