Consumer Price Index (CPIx)

Source details

Target audience:
- Compilers and users of the consumer price index (CPI) who can benefit from a better understanding of the recommended methods for the compilation and dissemination of reliable inflation data.
Qualifications:
- Participants are expected to have some familiarity with basic statistics.
- Basic Microsoft Excel skills and access to a computer with a reliable Internet connection and a Google Chrome web browser are essential.

The consumer price index (CPI) is described as one of the most important macroeconomic indicators produced by a country.
CPI data are essential inputs for policymakers who require reliable measures of price change to make sound policy decisions.
Wages, salaries, government payments, pensions, rent, and other payments are indexed to the CPI and require accurate estimates of inflation.
The course teaches key concepts and compilation methods required to compile reliable CPI data using the best available methods.

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

Identify key uses of CPI data and explain key consumer price index concepts and definitions and how these are applied in practice.
Identify and explain the different index calculation formulas.
Define and explain the importance of sampling in a CPI and how sampling methods are applied in practice.
Identify and explain the different methods for the treatment of missing prices and describe how these are applied in practice.
Show how to update CPI weights and link old and new indexes to form a continuous time series of data.