Consumer price index (CPI) data are essential inputs for sound policies. Policymakers require reliable measures of price change to make sound policy decisions. In addition, wages, salaries, government payments, pensions, rent, and other payments are indexed to the CPI and require accurate estimates of inflation. Learn the key concepts and compilation methods required to compile sound data using the best available methods.
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This course will help you learn the basics of compiling timely, high-quality CPIs based on the 2020 CPI Manual. The consumer price index has become a key statistic for purposes of economic policymaking, especially monetary policy. The CPI is often specified in legislation and in a wide variety of contracts as the appropriate measure for adjusting payments (such as wages, rents, interest, social security, other benefits, and pensions) for the effects of inflation. Changes in the CPI have substantial and wide-ranging financial implications for governments, businesses, and households.
What you'll learn
- 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 differences between the different index calculation formulas.
- Define and explain the different levels of sampling in a CPI and how these 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.
- Introduce new CPI weights and link old and new indexes to create a continuous time series of data.
