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Brian Graf

overlap method would not provide a measure that could be explained in this manner. Simple statements to the effect that new goods are being incorporated into the CPI by use of the overlap method through either forced substitution, sample augmentation, sample rotation, or rebasing may damage the credibility of the CPI. An important response is transparency. To explain in the CPI dissemination publication that although the new products are being introduced so that its future successive price changes are reflected in the CPI, the price changes from consumers switching from

Brian Graf

the NSO to use the new data sources and methods in real time following the CPI processing and publication timetable. It is at the NSO’s discretion whether the results of the parallel processing are made public. 10.121 The first period for which the new data sources and methods are used to compile the CPI should be announced well in advance and should include detailed metadata for the media and other key data users. This will ensure that the methodological changes implemented to the CPI are well understood. Further information relating to the CPI dissemination can

Brian Graf

Abstract

1.1 Chapter 1 provides a self-contained overview of the uses and the basic steps for compiling the consumer price index (CPI). More than just a summary of the chapters to follow, Chapter 1 guides the reader through the compilation process and highlights best practices that are explained in greater detail in subsequent chapters. The flow of the chapter follows the different steps needed to develop and maintain a CPI program that better reflects the standards and best practices set out in the Manual.

Brian Graf

Abstract

5.1 Several factors will determine the choice of which price collection methods a national statistical office (NSO) uses, taking into consideration efficiency, accuracy, and representativity of consumers’ purchasing patterns. For example, local price collection is costly but can have the advantage of covering a wide range of locations and items, particularly for food, alcohol, tobacco, and durable goods such as clothing, furniture, and electrical products. On the other hand, central collection, either at the head office or in regional offices, can be cheaper and may be used for products where there are national pricing policies, as for rail fares, or where prices cannot be observed directly in retail outlets, such as for many professional services. With regard to representing consumers’ purchasing patterns, the price collection method also needs to reflect methods of shopping. For instance, internet purchases or goods purchased through mail order and catalogs need to be properly reflected in the sample.

Brian Graf

Abstract

11.1 Certain products have proven to be challenging for consumer price index (CPI) compilers with regard to developing weights and collecting prices. Chapter 11 focuses on selected special cases and provides detailed advice for some of the more challenging products and issues facing compilers. These include the treatment of seasonal products, internet purchases, housing, second-hand goods, own-account production, tariffs, telecommunications, transport services, health, education, social protection, and financial services.

Brian Graf

Abstract

13.1 Consumer price indices (CPI) are one of the most important statistical indicators produced on a regular basis by national statistical offices (NSOs). Besides informing economic policy, they are used for indexation of social security benefits, pensions, salaries and wages, and also for escalation clauses in private contracts, as mentioned in Chapter 2. Given the considerable financial consequences that any errors in the CPI can have on the government budget over the long term, as well as other financial implications related to wages and other uses as an escalator, accuracy and reliability are particularly paramount for a CPI.

Brian Graf

Abstract

14.1 The consumer price index (CPI) represents a key indicator of economic performance in most countries, as described in Chapter 2. Where statistics are categorized according to their potential impact, the CPI is always prioritized. It follows therefore that it must be published, and otherwise disseminated, according to the policies, codes of practice, and standards set for such data. In addition to having information on price movement at the total level, users often require information on the weights, methodology, and price movements at a more disaggregated level.

Brian Graf

Abstract

The price reference period—the period that provides the prices to which the prices in other periods are compared. The prices of the price reference period appear in the denominators of the price relatives, or price ratios, used to calculate the index. The price reference period is typically designated as period 0.

Brian Graf

Abstract

The Consumer Price Index Manual: Concepts and Methods contains comprehensive information and explanations on compiling a consumer price index (CPI). The Manual provides an overview of the methods and practices national statistical offices (NSOs) should consider when making decisions on how to deal with the various problems in the compilation of a CPI. The chapters cover many topics. They elaborate on the different practices currently in use, propose alternatives whenever possible, and discuss the advantages and disadvantages of each alternative. The primary purpose of the Manual is to assist countries in producing CPIs that reflect internationally recommended methods and practices.

Brian Graf

Abstract

2.1 Chapter 2 begins with an overview describing the uses of the consumer price index (CPI). The primary uses drive the decisions regarding the concepts and scope for the index. As described in this chapter, countries face the reality of having to compile and disseminate a general-purpose index that tries to meet a variety of user needs. The System of National Accounts 2008 (2008 SNA) provides the general framework for the concepts used to compile the CPI. The chapter explores each of these concepts in detail and how they are applied to the CPI. The chapter concludes with a discussion of the recommended classification for the CPI. The Classification of Individual Consumption According to Purpose (COICOP) serves as the internationally recommended classification system for developing weights and compiling CPIs. The previous version of COICOP, adopted in 1999, was updated and has been released as COICOP 2018. The classification section highlights the key changes between COICOP 2018 and the previous version, and identifies some important issues for consideration as countries begin implementing the new classification system.