{
  "title": "Cabo Verde: Technical Assistance Report-Consumer Price Index",
  "publication": "IMF Staff Country Reports, November 21, 2023",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2023/11/21/cabo-verde-technical-assistance-report-consumer-price-index-541644",
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  "summary": "This Technical Assistance report on Cabo Verde explores Consumer Price Index (CPI). Current CPI weights are based on expenditure data collected during the 2015 household income and expenditure survey. These data are out of date and there is urgent need to update CPI weights.",
  "sections": [
    {
      "heading": "Executive summary and main findings",
      "content": "- Current CPI weights are based on expenditure data collected during the 2015 household income and expenditure survey.\n- These data are out of date and there is urgent need to update CPI weights.\n- Overall, the methods used to compile the CPI for Cabo Verde largely reflect international standards and best practices; however, there is scope for improvement.\n- Instituto Nacional de Estatística Cabo Verde (INECV) has defined the rolling 12-month average as the headline or official index.\n- The 12-month rolling average smooths the data; the report states that the headline index (official inflation rate) should not be adjusted or smoothed."
    },
    {
      "heading": "Methodological recommendations",
      "content": "- Index calculation methods should be based on the modified or short-term formula.\n- The modified or short-term formula, recommended in the 2020 CPI Manual, is more flexible and allows the outlet and variety samples to remain representative and facilitates the introduction of new items.\n- It was recommended that INECV begin using the annual (12-month) change as the headline or official inflation rate for Cabo Verde."
    },
    {
      "heading": "Policy implications and priorities",
      "content": "- Update CPI weights urgently to reflect current expenditure patterns (2015 weights are out of date).\n- Adopt index calculation using the modified or short-term formula to improve flexibility in sample representation and item introduction.\n- Replace the rolling 12-month average headline definition with the annual (12-month) change as the official inflation rate to avoid smoothing the headline measure.\n\n---\n\n Content in this bundle\n\n- CABO VERDE Consumer Price Index — JULY 2023\n  - CABO VERDE Consumer Price Index — JULY 2023 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - CABO VERDE Consumer Price Index — JULY 2023 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: November 21, 2023",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798400261084.002",
    "Current CPI weights are based on expenditure data collected during the 2015 household income and expenditure survey.",
    "These data are out of date and there is urgent need to update CPI weights.",
    "Overall, the methods used to compile the CPI for Cabo Verde largely reflect international standards and best practices; however, there is scope for improvement.",
    "Instituto Nacional de Estatística Cabo Verde (INECV) has defined the rolling 12-month average as the headline or official index.",
    "The 12-month rolling average smooths the data; the report states that the headline index (official inflation rate) should not be adjusted or smoothed.",
    "Index calculation methods should be based on the modified or short-term formula.",
    "The modified or short-term formula, recommended in the 2020 CPI Manual, is more flexible and allows the outlet and variety samples to remain representative and facilitates the introduction of new items.",
    "It was recommended that INECV begin using the annual (12-month) change as the headline or official inflation rate for Cabo Verde.",
    "Update CPI weights urgently to reflect current expenditure patterns (2015 weights are out of date).",
    "Adopt index calculation using the modified or short-term formula to improve flexibility in sample representation and item introduction.",
    "Replace the rolling 12-month average headline definition with the annual (12-month) change as the official inflation rate to avoid smoothing the headline measure.",
    "**CABO VERDE Consumer Price Index — JULY 2023**"
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      "title": "CABO VERDE Consumer Price Index — JULY 2023",
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