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
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
Headline CPIHeadline CPI
Comparison to the old Comparison to the old seriesseriesIncompleteNo recalculated series for 2000 –
2005
Annual inflation Annual inflation
Annual inflationAnnual inflation
* 8 month average
Annual inflationAnnual inflation
* 12 months average
New and old official New and old official inflationinflation
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
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
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