The Availability, Methodological Soundness, and Scope of Consumer Price Statistics in 2020

Vanda Guerreiro, Andrew Baer and Anthony Silungwe

No 2022/053, IMF Working Papers from International Monetary Fund

Abstract: This paper analyzes the availability, methodological soundness, and scope of Consumer Price statistics in IMF member and non-member countries in 2020. Consumer price statistics are instrumental in the development of monetary policy and in monitoring economic developments. They also often have administrative uses such as in determine wage increase or seting pension payments. This analysis examines the appropriateness of the current set of global consumer price statistics for current policy development and highlights regions where further development may be required. The analysis is based on the results of a new annual survey of CPI compilation practices in 207 economies as of the end of 2020. The survey was completed by statistical authorities between March 2021 and June 2021. In cases of non-response, IMF staff estimates were used. IMF Staff estimates were based on information taken from the IMF’s Dissemination Standards Bulletin Board (DSBB) and country websites to provide the status of consumer price index compilation practices. These data summarize the following key aspects; i) Production, publication and scope of the Consumer Price Index Program, ii) Data sources, iii) CPI compilation methods and iv) Concepts and classifications.

Keywords: Consumer Price Index; Index Methodology; consumer price index compilation practice; CPI compilation method; CPI weight; compilation Melhods; consumer price statistic; consumer price index program; Consumer price indexes; Consumer prices; Global; Middle East; Central America; Central Asia; South Asia; Africa (search for similar items in EconPapers)
Pages: 22
Date: 2022-03-18
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