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Wiley StatsRef: Statistics Reference OnlineConsumer Price Index

Wiley StatsRef: Statistics Reference Online: Consumer Price Index By John F. Early The Consumer Price Index (CPI) is a measure of the changes in prices paid by urban consumers for the goods and services they purchase. Essentially, it measures the purchasing power of consumers’ dollars by comparing what a sample “market basket” of goods and services costs today with what the same market basket would have cost at an earlier date. The CPI is compiled and released monthly by the Bureau of Labor Statistics (BLS). 1 Universe and Classification In 1978, the BLS began publishing two separate CPIs: (1) a new CPI for All Urban Consumers (CPI-U), which covers about 80% of the total civilian noninstitutional population, and (2) a revised CPI for Urban Wage Earners and Clerical Workers (CPI-W), which represents about half of the population covered by the CPI-U. The CPI is based on prices of food, clothing, shelter, fuels, transportation fares, charges for doctors’ services, drugs, and other goods and services that people buy for day-to-day living. Individual indexes are published for over 300 different expenditure classes. Separate indexes are also published for 28 local areas. Area indexes do not measure differences in the level of prices among cities; they measure only the average http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png

Wiley StatsRef: Statistics Reference OnlineConsumer Price Index

Editors: Balakrishnan, N.; Colton, Theodore; Everitt, Brian; Piegorsch, Walter; Ruggeri, Fabrizio; Teugels, Jozef L.

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References (24)

Publisher
John Wiley & Sons, Ltd
Copyright
Copyright © 2014 John Wiley & Sons, Ltd. All rights reserved.
ISBN
9781118445112
DOI
10.1002/9781118445112.stat03437
Publisher site
See Chapter on Publisher Site

Abstract

By John F. Early The Consumer Price Index (CPI) is a measure of the changes in prices paid by urban consumers for the goods and services they purchase. Essentially, it measures the purchasing power of consumers’ dollars by comparing what a sample “market basket” of goods and services costs today with what the same market basket would have cost at an earlier date. The CPI is compiled and released monthly by the Bureau of Labor Statistics (BLS). 1 Universe and Classification In 1978, the BLS began publishing two separate CPIs: (1) a new CPI for All Urban Consumers (CPI-U), which covers about 80% of the total civilian noninstitutional population, and (2) a revised CPI for Urban Wage Earners and Clerical Workers (CPI-W), which represents about half of the population covered by the CPI-U. The CPI is based on prices of food, clothing, shelter, fuels, transportation fares, charges for doctors’ services, drugs, and other goods and services that people buy for day-to-day living. Individual indexes are published for over 300 different expenditure classes. Separate indexes are also published for 28 local areas. Area indexes do not measure differences in the level of prices among cities; they measure only the average

Published: Jun 13, 2014

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