Download or read book Consumer Price Indices in the UK written by Mark Courtney and published by . This book was released on 2015 with total page 75 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the British government started using the Consumer Prices Index (CPI) for some uprating purposes in 2011, there has been a proliferation of consumer price indices in the UK - nine at the last count with some claim to apply to the population at large. Leaving to one side their possible use as monetary policy indicators, this paper provides a review of the available consumer price indices and assesses their suitability as uprating indices, in the light of recent theoretical and empirical research.The main focus is on the CPI and the Retail Prices Index (RPI), since the other indices all derive from one or other of these two. The conclusion of the paper is that, taking account of both coverage and formula effect differences and within the limitations of how price data is collected within the UK, the RPI is as good a consumer price index as one can get for uprating purposes. The systemic differences between the RPI and the CPI are the result of under-estimation by the CPI.There are implications for other countries as well. The flurry of recent research in the UK has led to a consensus that the Economic Approach, which had been thought to provide at least weak support for the use of the Geometric Mean for elementary aggregation, in fact does not do so. There is, therefore, a need for a revision to the ILO's "Consumer Price Index Manual: Theory and Practice," and countries which have adopted the Geometric Mean for elementary aggregation on the basis that this is allowing for consumer price substitution should revisit their decisions.
Download or read book Consumer Price Index Manual written by International Labour Office and published by International Labour Organization. This book was released on 2004-08-25 with total page 578 pages. Available in PDF, EPUB and Kindle. Book excerpt: The consumer price index (CPI) measures the rate at which prices of consumer goods and services change over time. It is used as a key indicator of economic performance, as well as in the setting of monetary and socio-economic policy such as indexation of wages and social security benefits, purchasing power parities and inflation measures. This manual contains methodological guidelines for statistical offices and other agencies responsible for constructing and calculating CPIs, and also examines underlying economic and statistical concepts involved. Topics covered include: expenditure weights, sampling, price collection, quality adjustment, sampling, price indices calculations, errors and bias, organisation and management, dissemination, index number theory, durables and user costs.
Download or read book Consumer Price Indices in the European Community written by Rudolf Teekens and published by . This book was released on 1989 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Uses and Misuses of Inflation and Price Indices written by Jeff Ralph and published by Cambridge Scholars Publishing. This book was released on 2024-01-23 with total page 218 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent years, the sharp rise in inflation across the world has brought about challenges for businesses and households alike. In the UK, many pay offers have not met the expectations of employees resulting in widespread strikes. The action of the Bank of England in raising interest rates to bring inflation down has led to sharp rises in mortgage interest rates, putting further pressure on households. This book explores what is meant by inflation and how we go about measuring it. It recounts the history of price rises over the past few decades and how pensions, pay and benefits have been affected. It also examines the political and economic factors that have driven government responses to inflation. The book completes the broad picture of recent price changes by looking at house prices, rents, and business prices, as well as how they are reported as official statistics.
Download or read book The Retail Prices Index written by Jeff Ralph and published by Springer Nature. This book was released on 2020-06-30 with total page 147 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Palgrave Pivot reviews the history of the UK's Retail Prices Index (RPI) from its origins just after the Second World War to its controversial position today. Both the developments in the methodology of the index and the political and social context in which its development took place are closely examined. The authors explain how the RPI went from being the dominant measure of inflation for decades to its current position as an officially discredited index. Despite this status, it is still widely used and attracts much support from a range of stakeholders, including several areas of government. Important reading for anyone interested in both sides of the argument for and against RPI and the likely way forward for the measurement of inflation.
Download or read book The Consumer Price Index written by United States. Bureau of Labor Statistics and published by . This book was released on 1978 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Consumer Price Index written by Fouad Sabry and published by One Billion Knowledgeable. This book was released on 2024-01-13 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt: What is Consumer Price Index According to the Consumer Price Index (CPI), which is a type of price index, the price of a market basket of consumer goods and services that are purchased by households is the price of the market basket. The Consumer Price Index (CPI) is a statistic that tracks changes in prices over time. A representative basket of products and services is utilized in the calculation of the Consumer Price Index (CPI). In order to take into account the shifting patterns of consumer purchasing, the basket is updated on a regular basis. A representative sample of retail and service companies is contacted on a monthly basis to get the pricing of the items and services that are included in the basket. When there is a change in the quality or features, the prices are then modified accordingly. The changes in the Consumer Price Index (CPI) may be utilized to monitor inflation over a period of time and to compare the rates of inflation in other nations. Despite the fact that the Consumer Price Index (CPI) is not an ideal estimator of inflation or the cost of living, it is a helpful instrument for monitoring key economic variables. How you will benefit (I) Insights, and validations about the following topics: Chapter 1: Consumer price index Chapter 2: Inflation Chapter 3: GDP deflator Chapter 4: Market basket Chapter 5: Cost-of-living index Chapter 6: Personal consumption expenditures price index Chapter 7: Price index Chapter 8: Substitution bias Chapter 9: Retail Price Index Chapter 10: Harmonised Index of Consumer Prices Chapter 11: Core inflation Chapter 12: United States Consumer Price Index Chapter 13: Consumer Price Index (United Kingdom) Chapter 14: Törnqvist index Chapter 15: Economic indicator Chapter 16: Higher Education Price Index Chapter 17: Divisia index Chapter 18: Consumer price index by country Chapter 19: Indian consumer confidence index Chapter 20: Inflation in India Chapter 21: United States Chained Consumer Price Index (II) Answering the public top questions about consumer price index. (III) Real world examples for the usage of consumer price index in many fields. Who this book is for Professionals, undergraduate and graduate students, enthusiasts, hobbyists, and those who want to go beyond basic knowledge or information for any kind of consumer price index.
Download or read book Consumer Price Indices written by Organisation for Economic Co-operation and Development. Department of Economics and Statistics and published by . This book was released on 1984 with total page 148 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Getting Prices Right written by Dean Baker and published by M.E. Sharpe. This book was released on 1998 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt: An introduction to the significance of the debate surrounding the accuracy of the Consumer Price Index. The work presents the full text of the Boskin Commission report (stating that the CPI overstates inflation by 1.1per cent) and discusses the Commission's research methodology and its conclusions.
Download or read book A Network Analysis of the United Kingdom s Consumer Price Index written by Georgios Sarantitis and published by . This book was released on 2016 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper we model the United Kingdom's Consumer Price Index as a complex network and we apply clustering and optimization techniques to study the network evolution through time. By doing this, we provide a dynamic, multi-level analysis of the mechanism that drives inflation in the U.K. We find that the CPI-classes' network exhibits an evolving topology through time which depends substantially on the prevailing economic conditions in the U.K. We identify non-overlapping communities of these U.K. CPI classes and we observe that they do not correspond to the actual categories they belong into; a finding that suggests that diverse forces are driving the inter-relations of the CPI classes which are stronger between categories rather than within them. Finally, we present a reduced version of the U.K. CPI that fulfills the core inflation measure criteria and can possibly be used as an appropriate measure of the underlying inflation in the U.K. Since this new measure makes use of only 14 out of the 85 U.K. CPI classes, it can be used to complement the Bank of England's arsenal of core inflation measures without the need for further resource allocation.
Download or read book Price Index Concepts and Measurement written by W. Erwin Diewert and published by University of Chicago Press. This book was released on 2010-02-15 with total page 531 pages. Available in PDF, EPUB and Kindle. Book excerpt: Although inflation is much feared for its negative effects on the economy, how to measure it is a matter of considerable debate that has important implications for interest rates, monetary supply, and investment and spending decisions. Underlying many of these issues is the concept of the Cost-of-Living Index (COLI) and its controversial role as the methodological foundation for the Consumer Price Index (CPI). Price Index Concepts and Measurements brings together leading experts to address the many questions involved in conceptualizing and measuring inflation. They evaluate the accuracy of COLI, a Cost-of-Goods Index, and a variety of other methodological frameworks as the bases for consumer price construction.
Download or read book Inflation written by Robert O'Neill and published by Springer. This book was released on 2017-11-06 with total page 390 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is an introduction to the history of – and current measurement practice of – inflation for the United Kingdom. The authors describe the historical development of inflation measures in a global context, and do so without using formal mathematical language and related jargon that relates only to a few specialist scholars. Although inflation is a widely used and quoted statistic, and despite the important role inflation plays in real people’s lives – through pension uprating, train tickets, interest rates and the work of economists – few people understand how it is created. O’Neill, Ralph and Smith mix historical data with a description of practices inside the UK statistical system and abroad, which will aid understanding of how this important economic statistic is produced, and the important and controversial choices that statisticians have made over time.
Download or read book The Truth About Inflation written by Paul Donovan and published by Routledge. This book was released on 2015-03-27 with total page 215 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inflation is a simple topic, in that the basic concepts are something that everyone can understand. However, inflation is not a simplistic topic. The composition of inflation and what the different inflation measures try to represent cannot be summarised with a single line on a chart or a casual reference to a solitary data point. Investors very often fail to understand the detail behind inflation, and end up making bad investment decisions as a result. The Truth About Inflation does not set out to forecast inflation, but to help improve its understanding, so that investors can make better decisions to achieve the real returns that they need. Starting with a summary of long history of inflation, the drivers of price change are considered. Many of the "urban myths" that have built up about inflation are shown to be a consequence of irrational judgement or political scaremongering. Some behaviour, like the unhealthy veneration of gold as a means of inflation protection, is shown to be the result of historical accident. In the modern era of lower nominal investment returns, inflation inequality (whereby some groups experience persistently higher inflation than others) is a very important consideration. This book sets out the realities of price changes in the modern investing environment, without using economic equations or jargon. It gives investors the framework they need to think about inflation and how to protect themselves against it, whether the aggregate inflation of the future rises or falls from current levels.
Download or read book Consumer Price Indices written by and published by . This book was released on 1976 with total page 88 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Economic Approach to Consumer Price Indices written by Mark Courtney and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Expert statistical opinion in the UK is increasingly moving towards the position that the Economic Approach to consumer price indices does not provide a reliable guide to the choice of aggregation formula. In particular, it does not, contrary to the advice in the ILO's Consumer Price Index Manual, provide even a weak argument in favour of the Jevons formula for aggregation at the elementary level. Nevertheless, there is still a perception among economic commentators that the extent of consumer price substitution and whether or not it is taken into account should be an important element in the choice of aggregation formula. One purpose of this note is to summarise the reasons, both theoretical and practical, as to why the Economic Approach cannot determine the choice of elementary aggregation formula. But it also shows how the Economic Approach, if properly applied and not restricted to the simplified version often used, provides a description of the behaviour of consumers and suppliers that can still give useful guidance. It can explain the implicit assumptions behind the various aggregation formulae and give an indication of their likely biases, and it can provide guidance on how the construction of consumer price indices can be improved. The special case of the UK clothing sector is taken as an example of how economic analysis can contribute to the assessment of possible improvements.
Download or read book Consumer Price Index Manual written by International Monetary Fund and published by International Monetary Fund. This book was released on 2004-08-25 with total page 574 pages. Available in PDF, EPUB and Kindle. Book excerpt: The consumer price index (CPI) measures the rate at which the prices of consumer goods and services are changing over time. It is a key statistic for economic and social policymaking and has substantial and wide-ranging implications for governments, businesses, and households. This important and comprehensive Manual provides guidelines for statistical offices and other agencies responsible for constructing CPIs, and explains in-depth the methods that are used to calculate a CPI. It also examines the underlying economic and statistical concepts and principles needed for making choices in efficient and cost-effective ways, and for appreciating the full implications of those choices.
Download or read book Forecasting Structural Time Series Models and the Kalman Filter written by Andrew C. Harvey and published by Cambridge University Press. This book was released on 1990 with total page 574 pages. Available in PDF, EPUB and Kindle. Book excerpt: A synthesis of concepts and materials, that ordinarily appear separately in time series and econometrics literature, presents a comprehensive review of theoretical and applied concepts in modeling economic and social time series.
