The Availability, Methodological Soundness, and Scope of Consumer Price Statistics in 2020
IMF Working Papers, March 18, 2022
Source details
- Canonical URL
- The Availability, Methodological Soundness, and Scope of Consumer Price Statistics in 2020
Other formats
Bibliographic details
- Authors: Vanda Guerreiro, Andrew Baer, Anthony Silungwe
- Published: March 18, 2022
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9798400204814.001
Overview and objective
- This paper analyzes the availability, methodological soundness, and scope of Consumer Price statistics in IMF member and non-member countries in 2020.
- Consumer price statistics are instrumental in the development of monetary policy and in monitoring economic developments.
- Consumer price statistics also often have administrative uses such as in determine wage increase or seting pension payments.
- The analysis examines the appropriateness of the current set of global consumer price statistics for current policy development and highlights regions where further development may be required.
Data source and survey coverage
- The analysis is based on the results of a new annual survey of CPI compilation practices in 207 economies as of the end of 2020.
- The survey was completed by statistical authorities between March 2021 and June 2021.
- In cases of non-response, IMF staff estimates were used.
- IMF Staff estimates were based on information taken from the IMF’s Dissemination Standards Bulletin Board (DSBB) and country websites to provide the status of consumer price index compilation practices.
- These data summarize the following key aspects:
- i) Production, publication and scope of the Consumer Price Index Program
- ii) Data sources
- iii) CPI compilation methods
- iv) Concepts and classifications
Key substantive findings (as described in the source)
- Availability: Survey covers CPI compilation practices in 207 economies as of the end of 2020.
- Methodological soundness: The paper assesses CPI compilation methods and concepts/classifications to evaluate methodological soundness for policy use.
- Scope: The study documents the production, publication, and scope of Consumer Price Index Programs across surveyed economies.
- Regional focus: The analysis highlights regions where further development of consumer price statistics may be required.
Implications for policy and practice
- The paper evaluates whether the current set of global consumer price statistics is appropriate for current policy development.
- Findings aim to inform where statistical capacity-building or methodological improvements may be needed to support monetary policy, economic monitoring, and administrative uses (for example, determine wage increase or seting pension payments).
Content in this bundle
- Working Paper