Price Statistics Compilation in 196 Economies: The Relevance for Policy Analysis

Francien Berry, B. Graf, Michael Stanger, Mari Ylä-Jarkko
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引用次数: 4

Abstract

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 Outdated weights impact the reliability of the indexes for policy analysis.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.
196个经济体的价格统计汇编:与政策分析的相关性
消费者价格指数(CPI)是衡量通货膨胀、调整工资、养老金和社会福利的关键经济指标。生产者价格指数(PPI)用于预测和缩减GDP估算。这两个指数都被基金组织、政策制定者和研究人员用于全球、地区和国内监测。在此背景下,本文通过评估权重更新频率、指标覆盖范围、及时性和国际分类的使用四个主要标准来评估指标的合理性。我们讨论在线和扫描数据作为前沿问题。研究表明,CPI编制普遍、频繁、及时,并与国际标准相当一致。然而,用于编制该指数的权重仅在45%的经济体中更新,在76%的经济体中覆盖全国。只有126个经济体编制的PPI是及时的,但仍有继续改善的余地,因为只有36%的经济体更新了PPI权重,约67%的经济体维持了建议的覆盖范围。过时的权重会影响政策分析指标的可靠性。经常更新的权重和良好的代表性覆盖减轻了偏见,并确保指数适当地衡量经济中的价格演变。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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