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HLG2023, soapbox, mission and identity of NSO in complex world
Generic Activity Model for Statistical Organizations (GAMSO)
Announcement: GAMSO and its role in modern statistical production will be discussed at our October 2024 workshop.
Generic Statistical Business Process Model (GSBPM)
Announcement: GSBPM and its role in modern statistical production will be discussed at our October 2024 workshop.
This paper examines CPI indexes for subsets of the target population defined by the bottom and top of the income distribution and compares results with the target population. We use data from the Consumer Expenditure Surveys (CE) to construct biennial and monthly market basket shares for groups of respondents based on their reported income, in order to calculate CPIs using modified Laspeyres and Tornqvist formulas respectively. From 2003 to 2018, we find the Laspeyres index for the lowest income quartile population rose faster than the index for all urban consumers. The Laspeyres index for the highest income quartile population rose slower than the index for all urban consumers. Chained CPI indexes for the income quartile populations rose slower than their Laspeyres counterparts. The measure of consumer substitution was lowest for the lowest income quartile population; the difference between the Laspeyres and Tornqvist index for the lowest income quartile population was less than half the difference for all urban consumers.
We estimate a family of price indexes known as Household Cost Indexes (HCI) using U.S. data. HCIs aim to measure the average inflation experiences of households as they purchase goods and services for consumption, and similar indexes are produced in the United Kingdom and New Zealand. These differ from the Bureau of Labor Statistics’ headline Consumer Price Index (CPI) products in two main respects. First, the upper-level aggregation of the HCIs weights households equally, unlike most headline CPIs which implicitly give more weight to higher expenditure households. Second, the HCIs use the payments approach to value owner-occupied housing services explicitly using household outlays. In contrast, the U.S. CPIs use rental equivalence. The HCI for all urban consumers has an average 12-month change of 1.51% over December 2011 to December 2021, compared to 1.86% for the CPI-U. Roughly 95% of the difference is due to the payments approach.