Price Measurement and Mismeasurement in Central Asia

Vincent Koen ()

Chapter 2 in Household Welfare in Central Asia, 1997, pp 21-41 from Palgrave Macmillan

Abstract: Abstract By mid-1994, the price of cottage cheese in Kazakhstan was reported to have risen by 29 000 times from its pre-transition December 1990 level, the price of milk by 14 600 times, potatoes by 5700 times, vodka by 2600 times, and bread made of first category flour by 900 times. Similarly dramatic price developments were witnessed in Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan. The question immediately arises of the implications for living standards of such vertiginous and disparate surges in prices. More narrowly, how reliable are the aggregate price measures used to deflate household incomes and expenditures under such circumstances?

Keywords: Price Index; Inflation Rate; Real Wage; Consumer Price Index; Relative Price (search for similar items in EconPapers)
Date: 1997
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Working Paper: Price Measurement and Mismeasurement in Central Asia (1995)
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DOI: 10.1007/978-1-349-25475-0_2

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