Increasing the frequency of CPI weight updates
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Increasing the frequency of CPI weight updates The Australian Bureau of Statistics (ABS) is encouraging stakeholders to provide feedback on proposed enhancements to the compilation of the Consumer Price Index (CPI), extending the consultation period to 30th November 2016. The proposed CPI enhancements are outlined in Information Paper: Increasing the Frequency of CPI Expenditure Class Weight Updates, July 2016, which focuses on proposals to update the CPI expenditure class (EC) weights every year using Household Final Consumption Expenditure (HFCE) data from the National Accounts. The ABS has primarily used the Household Expenditure Survey (HES) to derive CPI EC weights and has updated these weights when HES data is available - currently every six years. Using HFCE data will enable the ABS to re-weight at the expenditure class level every year. This information paper identifies and address the challenges of this proposal; and presents empirical results. The ABS plans to next update the CPI EC weights in the December quarter 2017. The ABS strongly encourages stakeholders to provide feedback on this paper to prices.statistics@abs.gov.au by the extended deadline of 30th November. The ABS Privacy Policy outlines how the ABS will handle any personal information that you provide to us. Media notes:
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