Which cpi series to use




















Eswatini, Kingdom of. Ethiopia, The Federal Democratic Republic of. Gambia, The. Lesotho, Kingdom of. Madagascar, Republic of. Mozambique, Republic of. Sierra Leone. South Africa. South Sudan, Republic of. Tanzania, United Republic of. Asia and Pacific. Brunei Darussalam. China, People's Republic of.

Cook Islands. Fiji, Republic of. Korea, Democratic People's Republic of. Korea, Republic of. Lao People's Democratic Republic. Marshall Islands, Republic of the. Micronesia, Federated States of. Nauru, Republic of. New Zealand. Palau, Republic of.

Papua New Guinea. Solomon Islands. Sri Lanka. Taiwan, Province of China. Timor-Leste, Democratic Republic of. Andorra, Principality of. Belarus, Republic of. Bosnia and Herzegovina. British Virgin Islands. Cayman Islands. Croatia, Republic of. Czech Republic. Estonia, Republic of. Faroe Islands. French Guiana. French Polynesia. Holy See.

Isle of Man. Kosovo, Republic of. Latvia, Republic of. Lithuania, Republic of. Moldova, Republic of. Netherlands, The. New Caledonia. North Macedonia, Republic of. Poland, Republic of. Russian Federation. San Marino, Republic of. Serbia, Republic of. Slovak Republic.

Slovenia, Republic of. Turks and Caicos Islands. United Kingdom. Wallis and Futuna Islands. Middle East and Central Asia. Afghanistan, Islamic Republic of.

Armenia, Republic of. Azerbaijan, Republic of. Bahrain, Kingdom of. Egypt, Arab Republic of. Iran, Islamic Republic of. Kazakhstan, Republic of. Kyrgyz Republic. Mauritania, Islamic Republic of. Saudi Arabia. Syrian Arab Republic. Tajikistan, Republic of.

United Arab Emirates. Uzbekistan, Republic of. Yemen, Republic of. Western Hemisphere. American Samoa. Antigua and Barbuda. Bahamas, The. Costa Rica. Dominican Republic. El Salvador. Puerto Rico. Kitts and Nevis. Vincent and the Grenadines. Trinidad and Tobago. United States. Series Archived Series. Balance of Payments Statistics. Direction of Trade Statistics.

Economic Issues. Government Finance Statistics. IMF Special Issues. IMF Staff Papers. IMF Survey. International Financial Statistics. Occasional Papers. Pamphlet Series. Seminar Volumes. World Economic and Financial Surveys. Books and Analytical Papers. Departmental Papers. IMF Working Papers. Miscellaneous Publications. Per Jacobsson lecture. Policy Papers. External Sector Report.

Fiscal Monitor. Global Financial Stability Report. Regional Economic Outlook. World Economic Outlook. Notes and Manuals. Analytical Notes. FinTech Notes. Gobal Financial Stability Notes. Spillover Notes. Staff Climate Notes. Staff Discussion Notes. Tax Law Technical Note. Technical Notes and Manuals.

Official Reports and Documents. Annual Report of the Executive Board. Articles of Agreement. IMF Speeches. Independent Evaluation Office Reports. Selected Decisions. Selected Legal and Institutional Papers Series. Summary Proceedings. IMF Research Bulletin. IMF Research Perspectives. Advanced search Help. Browse Topics Business and Economics. Archived Series. Previous Chapter Next Chapter. Author: Brian Graf.

Download PDF Abstract Full Text Related Publications. Introduction 9. Calculating a Chain Index 9. Elementary price indices A 0.

Download Figure Download figure as PowerPoint slide. Figure 9. Recent Research on Price-updating Expenditure Weights 9. Monthly Or Quarterly Reference Period 9. Developing Update Factors 9.

Introducing New Weights 9. Decide on the Index Reference Period 9. Higher-level Indices 9. Price Reference Period is a Yearly Average 9. Keeping the Old Index Reference Period 9. Aggregation Across Linked Series 9. Therefore, unadjusted data are more appropriate for escalation purposes. National or U. For the CPI-U, an extensive set of component indexes and sub-aggregates are published monthly along with the all items index. A similar, but slightly smaller set is published for the CPI-W.

For the C-CPI-U, only national indexes are published, with a more limited set of components and aggregates published. The set of components and sub-aggregates published for regional and metropolitan indexes is more limited that at the U. Each local index has a much smaller sample size than the national or regional indexes and is, therefore, subject to substantially more sampling and other measurement error. As a result, local-area indexes are more volatile than the national or regional indexes, and we urge users to consider adopting the national or regional CPIs for use in escalator clauses.

Used with caution, local-area CPI data can illustrate and explain the impact of local economic conditions on consumers' experience with price change. If there is no CPI for the area you are in, we can provide some guidance on a recommended area to use instead, but users must make the final decision. No, an individual area index measures how much prices have changed over a specific period in that particular area; it does not show whether prices or living costs are higher or lower in that area relative to another.

In general, the composition of the market basket and the relative prices of goods and services in the market basket during the expenditure base period vary substantially across areas. One limitation is that the CPI may not be applicable to all population groups.

The CPI does not produce official estimates for the rate of inflation experienced by subgroups of the population, such as the elderly or the poor. Note that we do produce an experimental index for the elderly population that is available upon request; however, because of the significant limitations of this experimental index, it should be interpreted with caution.

Another limitation is that the CPI cannot be used to measure differences in price levels or living costs between one area and another as it measures only time-to-time changes in each area. A higher index for one area does not necessarily mean that prices are higher there than in another area with a lower index. Instead, it means that prices have risen faster in the area with the higher index calculated from the two areas' common reference period.

Additionally, the CPI is a conditional cost-of-living measure; it does not attempt to measure everything that affects living standards.

Factors such as social and environmental changes and changes in income taxes are beyond the definitional scope of the index and are excluded. Limitations in measurement can be grouped into two basic types, sampling error and non-sampling error. Sampling error. Because the CPI measures price changes based on a sample of items, the published indexes differ somewhat from what the results would be if actual records of all retail purchases by everyone in the index population could be used to compile the index.

These estimating or sampling errors are limitations on the accuracy of the index, not mistakes in calculating the index. The CPI program has developed measurements of sampling error, called variance estimates, which are updated and published annually at CPI Variance Estimates.

The CPI sample design allocates the sample in a way that maximizes the accuracy of the index, given the funds available. Non-sampling error. These errors occur from a variety of sources and unlike sampling errors, they can cause persistent bias in measurements of the index. Non-sampling errors are caused by problems of price data collection, logistical lags in conducting surveys, difficulties in defining basic concepts and their operational implementation, and difficulties in handling the problems of quality change.

Non-sampling errors can be far more hazardous to the accuracy of a price index than sampling errors so we expend considerable effort to minimize these errors. Highly trained personnel ensure the comparability of quality of items from period to period; collection procedures are extensively documented, and recurring audits are conducted.

The CPI program has an ongoing research and evaluation program in order to identify and implement improvements in the index. The CPI will need revisions as long as there are significant changes in consumer buying habits or shifts in population distribution or demographics. By developing annual Consumer Expenditure Surveys and Point-of-Purchase Surveys, the Bureau has the flexibility to monitor changing buying habits in a timely and cost-efficient manner.

In addition, the census conducted every 10 years by the U. Census Bureau provides information that enables us to reselect a new geographic sample that accurately reflects the current population distribution and other demographic factors. BLS is continually researching improved statistical methods, so even between major revisions, improvements are made to the CPI. Information on the CPI is available from our website and through email subscriptions to data products, and a variety of publications.

Information specialists are also available in the national and regional offices to provide assistance via email or telephone. BLS provides free access to published CPI data via press releases, tables, and current and historical data from our database.

Social media. BLS has a stat for that! The latest U. You can subscribe to our national news release or regional data products by using the BLS News Service feature. Recorded CPI data.

Recorded summaries of national and local CPI data may be obtained by calling one of the following metropolitan area CPI hotlines. Recordings are approximately 3 minutes in length and are available 24hours a day, 7 days a week.

Personal assistance. Additional information is available during normal working hours, Monday through Friday, by contacting the national office Washington DC or any of the regional offices listed below.

Menu Search button Search:. Consumer Price Index. How is the CPI market basket determined? How is the CPI sample created? How is the CPI calculated? How is the CPI used? Whose buying habits does the CPI reflect? Contributions to annual inflation are available on OECD. Usually, new weights for the most recent complete year are incorporated in either November or December of each year. The inclusion of the Argentinian CPI in the G area aggregate entailed a clear break in the series.

What are the other measures available? National providers may calculate indices using a different reference period e. The OECD calculates and publishes also the movements of price indexes from one month to another expressed as percent changes: Percentage change on the same period of the previous year and Percentage change on the previous period.

An advantage of calculating percent changes is that the result will be the same no matter what reference period is specified. However, prices of a transaction collected to calculate CPIs are expressed in national currency. Where can I get more methodological information on CPIs? More comprehensive information and explanations for compiling CPIs are provided by:.

Where can I download CPIs data? On the other hand, on the base revision, the maximal absolute value is that of the 'impact of revision for calculation models'; 0. For some items which have various fare structures, in order to suitably reflect the price fluctuation in the price index, we calculate indices by using model formulas which are designed by using a typical utilization case of each item as a model. On the base revision, 'impact of revision for calculation models' was the biggest factor of downward revision, caused by revision for calculation model of 'Telephone charges mobile phone '.

CPI items and their respective weights shall be revised every 5 years base revision in order to reflect the changes of consumption pattern. However, when there is a rapid influx of new products or a radical change in consumption pattern, the items are reviewed in a midpoint year during the 5-year period before the next revision year midpoint-year review. Midpoint-year review will also be conducted as needed during the 5-year period of the base.

Midpoint-year reviews have been conducted since the base. The following are the reviews conducted in the past. The CPI, since it is meant to purely measure changes in prices, should basically continue to track down the prices of the same products goods and services. In such update, the differences in functions, qualities such as characteristics, etc. Thus, quality difference from old products to new products is measured quantitatively by the quality adjustment during calculation of the CPI.

With the CPI, whenever products to survey are updated, we have quality adjustment, choosing the best method from several such as the overlap method, adjustment by the ratio of quantity, adjustment by the regression equation, the option cost method, the class mean imputation method, the direct comparison method, and others. For TV sets, PCs and cameras, whose quality improvement is very rapid and product cycles are quite short, the hedonic method with some information from POS systems is employed to directly calculate price changes after quality adjustment See F POS information data This information contains each product's sale price s and volume, as well as its characteristics, and is collected from retailers' POS Point Of Sales systems.

The hedonic method, one of the methods used in quality adjustment, stands on the supposition that the quality of a product can be reduced to several characteristics performance that make up the quality, and that the product's price is determined by the performance.

This way, the method quantitatively determines to what degree the product quality accounts for price differences among different products. The CPI calculation employs this hedonic method to directly calculate price changes after quality adjustment of TV sets, PCs and cameras, whose technological improvement is very rapid and product cycles are quite short.

Since this method requires a huge amount of data on prices, volumes, and characteristics of numerous products in order to provide a reliable and objective multiple regression analysis, we use POS information data with the hedonic method. In the hedonic method, the relationship between the price and the characteristics performance of a product is calculated statistically, using a huge volume of sales data POS information data collected from major electric appliance stores.

Therefore, in light of the results of calculation to examine how each element of the performance of a product affects its price, the price of a product cannot be considered to be gone half off even if its performance has doubled. For example, suppose that a relationship where "the price of personal computers rises by 5. Based on this, "when a new PC model whose memory capacity has increased by 1 TB is released, the price of the PC is reduced by 5.

Thus, the term 'performance' itself requires careful definition, and there is no simple way of determining quality adjustment for performance improvement. Concerning the survey specifications, we investigate the distribution and sales of the major specifications of each and every item and, if we find any existing survey specification declining in distribution, we switch to another specification that is selling more.

In addition, we try to cover new products in the survey on a timely basis. For instance, in case a manufacturer abolishes the production of a survey specification and launches a new, follow-up product, we change the survey specification in response.

Thus, we always keenly follow the market in an effort to survey the prices of specifications that truly represent the items. Some Private brand PB commodities that conform to the prescribed basic specifications and sell the best at each outlet are basically subject to the survey, and the prices are used for calculating the CPI. PB commodities: Those for which leading supermarkets or similar outlets independently plan, develop and establish their own brands for sale.

In the RPS which collects the price data for the CPI, we choose representative retail stores that have greater sales volumes for each item in each survey district and investigate the retail prices of these stores. Therefore, if the discount store in a survey district is considered to be a representative retail stores that has greater sales volumes, it will be included in the survey.

The objective of the CPI is to measure the pure price movements which shall not include the influence of quality changes. Therefore, we remove price differences caused by quality changes in case where old products surveyed can be replaced by new products, etc. It is pointed out that the upward bias in the CPI can be caused like when the item with a big price fall shows 1 the increase of relative amount of the expenditure ratio with the expansion of demand, or 2 the remarkable decline of its price index as the time passes.

Therefore, we release the reference index calculated by the Laspeyres' chain index method as well as the fixed base Laspeyres index. The international standards for calculation of the CPI, which were established by the International Labour Organization ILO , stipulate that the CPI aims to measure chronological changes of prices, and shall be calculated by measuring the cost of purchasing a fixed basket of goods and services of the same quality and attributes.

In line with this basic concept, the international standards specifically define that, for each item surveyed, its detailed description such as the quality and attributes should be specified so that prices of the same quality should be surveyed continuously.

In Japan, surveys have been conducted in accordance with these standards as in Canada and major European countries, including the UK See B In addition, Japan has reviewed the survey specifications according to changes of an influx of products to ensure that prices of the most representative products which sell the best are surveyed consistently. Thus, in Japan, the RPS has been conducted by paying close attention to detail in accordance with international standards.

Although the CPI is calculated almost entirely based on the international standards in the United States, the survey specifications in accordance with the international standards are not defined in advance. Instead, a unique method that allows enumerators to pick out items according to distribution of products for each shop and survey their prices, is adopted. In this method, products picked out vary according to shops, and they may include those which are classified as the same item but do not have the same quality.



0コメント

  • 1000 / 1000