Measuring Inflation under Pandemic Conditions
Walter Diewert and
Kevin Fox
Journal of Official Statistics, 2022, vol. 38, issue 1, 255-285
Abstract:
National statistical offices have faced unprecedented circumstances in the modern history of economic measurement. There were dramatically changing consumer expenditure patterns due to pandemic conditions, with lockdowns and fear of infection making many goods and services unavailable. We examine the implications of changing relative expenditures for the construction of Consumer Price Indexes, with special reference to the treatment of prices for unavailable products. We conclude that for many purposes, it would be useful for statistical agencies to establish a continuous consumer expenditure survey. We also examine various other practical pandemic induced CPI measurement problems.
Keywords: Consumer price index; disappearing products; COVID-19 (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:vrs:offsta:v:38:y:2022:i:1:p:255-285:n:14
DOI: 10.2478/jos-2022-0012
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