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Learn about different ways of calculating price indexes, such as Laspeyres, Paasche, geometric means, unweighted indices, and superlative indices. Compare their advantages, disadvantages, and applications in various fields.
Retail Price Index (RPI) is a measure of inflation in the UK, published monthly by the Office for National Statistics. It measures the change in the cost of a representative sample of retail goods and services, and is used for various purposes such as tax rises and rent increases.
A price index is a statistic that compares the average price of a basket of goods or services in different periods or regions. Learn about the origins, uses and formulas of price indices, such as the consumer price index, the producer price index and the GDP deflator.
A consumer price index (CPI) is a price index that measures the average change in prices of a basket of consumer goods and services over time. It is used to track inflation and compare the cost of living across countries.
CPI stands for Consumer Price Index, a measure of inflation based on the monthly price change of a basket of goods and services. The CPI is published by the Bureau of Labor Statistics and used for various purposes, such as indexing Social Security benefits.
The price index for some period is usually normalized to be 1 or 100, and that period is called "base period." A Törnqvist or Törnqvist-Theil price index is the weighted geometric mean of the price relatives using arithmetic averages of the value shares in the two periods as weights. [1]
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PCE deflator is a measure of inflation based on personal consumption expenditures in the US. It is derived from the GDP component of household spending and uses a chained index to compare prices over time. Learn how it differs from CPI and why it is used by the Fed.