Option 1 -> Measures prices at wholesale level where goods are traded in bulk.
Option 2 -> Measures retail prices paid by ordinary consumers.
Option 3 -> Not a standard price measurement index for bulk trading.
Option 4 -> Specific to foodgrains only, not all bulk-traded goods.
Hence, Wholesale Price Index -> The Wholesale Price Index (WPI) measures the average change in prices of goods at the wholesale/bulk level, before they reach retail consumers. It tracks prices of goods traded in large quantities between businesses, manufacturers, and wholesalers, not individual consumers. WPI is an important indicator of inflation at the producer/wholesale level and includes commodities like raw materials, intermediate goods, and finished goods traded in bulk. -> correct