衡量生活成本消费者物价指数cpichapter 2424.pptxVIP

MeasuringtheCostofLiving24

TheConsumerPriceIndexConsumerpriceindex(CPI)MeasureoftheoverallcostofgoodsservicesBoughtbyatypicalconsumerHowtheconsumerpriceindexiscalculatedFixthebasketFindthepricesComputethebasket’scost2

TheConsumerPriceIndexHowtheconsumerpriceindexiscalculatedChoseabaseyearandcomputetheCPIPriceofbasketofgoodsservicesincurrentyearDividedbypriceofbasketinbaseyearTimes100ComputetheinflationratePercentagechangeinthepriceindexfromtheprecedingperiod3

CalculatingtheCPIandtheinflationrate:anexample14Step1:SurveyconsumerstodetermineafixedbasketofgoodsBasket=4hotdogs,2hamburgersStep2:FindthepriceofeachgoodineachyearYearPriceofhotdogsPriceofhamburgers200820092010$123$234Step3:Computethecostofthebasketofgoodsineachyear200820092010($1perhotdog×4hotdogs)+($2perhamburger×2hamburgers)=$8perbasket($2perhotdog×4hotdogs)+($3perhamburger×2hamburgers)=$14perbasket($3perhotdog×4hotdogs)+($4perhamburger×2hamburgers)=$20perbasketStep4:Chooseoneyearasabaseyear(2008)andcomputetheCPIineachyear200820092010($8/$8)×100=100($14/$8)×100=175($20/$8)×100=250Step5:Usetheconsumerpriceindextocomputetheinflationratefrompreviousyea175–100)/100×100=75%(250–175)/175×100=43%

Thetypicalbasketofgoodsandservices15Thisfigureshowshowthetypicalconsumerdividesspendingamongvariouscategoriesofgoodsandservices.TheBureauofLaborStatisticscallseachpercentagethe“relativeimportance”ofthecategory.

TheConsumerPriceIndexProducerpriceindex(PPI)MeasureofthecostofabasketofgoodsandservicesboughtbyfirmsProblemsinmeasuringthecostoflivingSubstitutionbiasIntroductionofnewgoodsUnmeasuredqualitychange6

TheConsumerPriceIndexTheGDPdeflatorvs.consumerpriceindexGDPdeflatorRatioofnominalGDP