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Price Statistics Compilation in 196 Economies
The Relevance for Policy Analysis

by Francien Berry, Brian Graf, Michael Stanger, and Mari Ylä-Jarkko

Series:Working Paper No. 19/163
ISBN 9781513508313
Code: #WPIEA2019163

Publication year: 2019

Cdn: $27.00; US: $25.00
Language: English
28 pages
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The consumer price index (CPI) is a key economic indicator used to gauge inflation, adjust wages, pensions, and social benefits. The producer prices index (PPI) is used for forecasting and deflating GDP estimates. Both indexes are used by the Fund, policymakers, and researchers for global, regional, and domestic surveillance. In this context, the paper evaluates the soundness of the indexes by assessing four major criteria: frequency of updating the weights, the index coverage, timeliness, and the use of international classifications. We discuss online and scanner data as frontier issues. The study shows that the CPI is universally and frequently compiled, timely, and fairly-well aligned with international standards. However, the weights used to compile the index are updated in only 45 percent of economies and have national coverage in 76 percent. PPIs, compiled by only 126 economies are timely, but there is scope for continued improvement as only 36 percent of economies have updated PPI weights and approximately 67 percent maintain the recommended coverage. Outdated weights impact the reliability of the indexes for policy analysis. Frequently updated weights and well-represented coverage mitigate against biases and ensure that the indexes properly measure the price evolution in the economy.
Price Statistics Compilation in 196 Economies
Cdn: $27.00; US: $25.00
International Monetary Fund (IMF) BookID: 125562 Added: 2019.8.2