metac / imf price statistics mission october 12-28, 2008 new estimates for the national cpi 2005 -...
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METAC / IMF price METAC / IMF price statistics mission October statistics mission October 12-28, 200812-28, 2008
New estimates for the national CPI 2005 - 200826.10.2008
Kari ManninenEconAdvisor
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Revised national CPI Revised national CPI estimatesestimatesBase prices of 2005Still old weights
◦Could apply new weights at 4-digit level
◦Not a massive effectThe average annual inflation
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Headline CPIHeadline CPI
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Comparison to the old Comparison to the old seriesseriesIncompleteNo recalculated series for 2000 –
2005
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Annual inflation Annual inflation
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Annual inflationAnnual inflation
* 8 month average
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Annual inflationAnnual inflation
* 12 months average
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New and old official New and old official inflationinflation
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OptionsOptionsDo not reviseRevise national only from 2005
onwardsCompile new index based on new
methodology, weights from 05, 06, 07, or 08 onwards
New CPI 2008 = 100◦New weights◦Geomean◦Linking 2008 old prices to the index
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Lessons from the analysisLessons from the analysisMore frequent price collection!Better item specifications!Seasonal productsBetter data validationCPI Publication
◦National index the priority◦Regional indices fairly unreliable◦Contributions
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Users and revisionUsers and revisionConcerted revision with National
Accounts!Users need to be informed – How?
◦Central bank◦Ministry of Finance, Planning◦Private banking
Policy implication!◦Monetary policy◦Salaries◦Pensions◦Contract escalation