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Macroeconomic Statistics

Virtual : Price Statistics (PRS)

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Session No.: JV 21.31V

Location: Vienna, Austria

Date: August 2-13, 2021 (2 weeks)

Primary Language: English

Interpretation Language: Russian

    Target Audience

    Compilers of consumer price indexes (CPIs), producer price indexes (PPIs), or export-import price indexes (XMPIs).

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    Qualifications

    Participants are expected to have a degree in economics or statistics or equivalent experience.

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    Course Description

    This course, presented by the Statistics Department, is intended to broaden participants’ understanding of the concepts and methods of compiling CPIs, PPIs, and XMPIs. It provides an overview of the index number theory and its practical implications in terms of choosing the index number formula at lower and higher levels of aggregation. The course also covers methods for sampling and collecting data from outlets and establishments. New and emerging data sources as well as new collection technologies are discussed. Frontier issues including how to better measure the digital economy are included. The role of price indexes as deflators in the 2008 SNA is analyzed, as are related principles of scope, coverage, and valuation. There are sessions on the following topics:

    • methods for handling temporarily and permanently missing items; 
    • adjusting prices for quality changes, including new products, establishments, and outlets; 
    • chaining and linking indexes with updated weighting structures; and
    • meeting data users’ needs to ensure relevancy.

    The course follows the principles and recommended practices in the CPI (2004), PPI (2004), and XMPI (2009) manuals.

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    Course Objectives

    Upon completion of this course, participants should be able to:

    • Apply the principles of price index theory.
    • Assess how well a price index meets international guidelines for best practice.
    • Apply methods for dealing with such index compilation challenges as unavailable items, quality change, and keeping an index up to date.
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