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Methodological improvements to the Retail Prices Index and Consumer Prices Index from February 2005
Methodological changes for CPI and RPI from February 2005
Authors: David Fenwick, Damon Wingfield
Economic Trends, no 616, pp 74-80. ISSN: 0013-0400
As part of the continuing research programme designed to ensure best available statistical methodology is employed in calculating official consumer price indices and that indices are of continued relevance, three methodological improvements will be introduced from the February indices, published in March 2005:
Sampling: - The extension of local probability sampling for selecting audio systems and fridge-freezers within retail outlets, designed to improve the market representation of these goods.
New Items: - The introduction of specific price indices into both the CPI and RPI basket of goods for:
i) Laptop computers - laptops were previously implicitly included in the expenditure weight for PCs; and
ii) Pre-pay mobile phone handsets - these were previously implicitly included in the expenditure weight for mobile telephone tariff charges.
In each case, hedonic regression estimates will be used to adjust for changes in quality.
In addition, the new ODPM monthly house price index will be adopted for use in a number of the owner-occupier housing components included in the RPI (but not in the CPI).
Published in web format: 15 February 2005 at 9:30 am
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