ABS examining the feasibility of producing a monthly CPI
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Over the past few years the Australian Bureau of Statistics (ABS) has undertaken a range of activities to enhance the Australian Consumer Price Index (CPI).
These activities include the annual re-weighting of the CPI; and the use of new data sources, namely transactions data and web-scraped data, to compile the CPI. These enhancements have better positioned the ABS to potentially increase the CPI publication frequency from quarterly to each month.
The ABS has recently begun work to determine the feasibility of producing a monthly CPI. The paper published today outlines the challenges being investigated; seeks user and stakeholder input to determine the requirements for a monthly CPI; and forms the basis for broad community consultation. Following this consultation, the ABS will be better placed to assess the feasibility, possible methods for producing a monthly CPI, level of support, as well as likely costs and potential funding sources.
The Chief Economist of the ABS, Bruce Hockman, said: "A monthly CPI would deliver a more frequent indicator of household inflation to inform the setting of interest rates, public policy and business decisions".
Further information is available in Information Paper: Towards an Australian Monthly CPI from the Chief Economist series on the ABS website.
Towards an Australian Monthly CPI
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