the W.P.I.S or some component

The C.P.I. and its component indexes are retail price indexes. As alternatives for the purpose of measuring inflation, one could consider one of the two wholesale price indexes (the index of materials used in house-building, or the index of materials used in building other than house-building), or possible one of the component indexes from which the W.P.I.S are constructed. However,all of these indexes fall far below the ideal in relation to the second requirement since even the most comprehensive of them is restricted to some class of building materials.
In addition, since they all cover imported, as well as locally produced building materials, they are less than ideal from the standpoint of the first requirement.