Prix et parités de pouvoir d'achat (PPA)

Consumer Price Indices - Frequently Asked Questions (FAQs)

 

1. Inflation or Consumer price Index (CPI)?

2. Where can I download CPIs data?

3. Where can I find methodological information for CPI series published?

4. When are CPIs updated? When is the OECD CPI news release published?

5. Are CPIs revised?

6. Which CPIs the OECD publishes?

7. Where can I find CPI data for the European Union or the Euro area? What are the differences between CPIs and HICP?

8. What are National CPI weights available on OECD.Stat Extracts?

9. What are the OECD Zones calculated for CPIs? / How are they computed?

10. Why the OECD publishes CPI series with 2010=100 as reference period (Index, 2010=100)? What are the other measures available?

11. In which currency are CPIs expressed?

12. Where can I get more methodological information on CPIs?

 

 

1. Inflation or Consumer price Index (CPI)?

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Inflation is a rise in the general level of prices of goods and services that households acquire for the purpose of consumption in an economy over a period of time.

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The main measure of inflation is the annual inflation rate which is the movement of the Consumer Price Index (CPI) from one month/period to the same month/period of the previous year expressed as percentage over time.
For further explanations on CPI definition, see the CPI ManualChapter 1.

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2. Where can I download CPIs data?

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CPIs can be downloaded from the dataset "Prices and Purchaser Power Parities / Prices and price Indices -Consumer Prices (MEI)" in OECD.Stat Extracts at the following address: http://stats.oecd.org/Index.aspx?DataSetCode=MEI_PRICES.

In OECD.Stat Extracts you can modify the current data selection by using the top navigation bar to select specific "Subject", "Country" and "Time & Frequency". The data can be exported to Excel. For long time series we recommend using the text format. You may also consult the OECD.Stat Extracts' user guide at the following address:
http://stats.oecd.org/ModalHelp/OECD/WBOS%20User%20Guide%20(EN).PDF.

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3. Where can I find methodological information for CPI series published?

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In OECD.Stat Extracts, methodological information is attached to each CPI series published flagged, by this small blue icon: MetaData

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4. When are CPIs updated? When is the OECD CPI news release published?

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CPIs are monthly data except in Australia and New-Zealand which publish quarterly CPI data.

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The OECD updates CPIs for OECD countries and other major non-OECD economies in real-time following the CPI release calendar of each country.
The IMF provide the advance CPI release calendar at the following address: http://dsbb.imf.org/Pages/SDDS/CustomizedQuery/ByARC.aspx

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The OECD CPI news release is published each month (release dates) when CPI data for the current month have been released by all OECD countries (usually at the end of each month).

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5. Are CPIs revised?

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The OECD Zones (OECD Total, OECD-Europe and Major seven) are revised each month as a result of revisions to the National Accounts and the PPPs.

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The OECD publishes only unadjusted national CPIs that are not usually revised. However, national CPIs published by the OECD could be revised for the two following reasons:

 

1. 

In few countries (e.g. Austria) there is an explicit revision policy to publish a preliminary CPI and then revised the index after some fixed periods (usually one to three months).

 

2.

The national reference period of CPIs is subject to change every 5 years in average in OECD Member countries. Providers could introduce in the same time methodological changes or/and new basket of products. These changes can lead to revisions of the series published by the OECD.

 

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6. Which CPIs the OECD publishes?

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The OECD publishes six CPI series defined as CPI target indicators with the aim of compiling comparable CPI data across countries, analytically useful, timely and available for as long as possible.

   

The six CPI target series have been defined following the COICOP Classification:

 

1.

CPI All items: COICOP 01-12, Individual consumption expenditure of households;

 

2.

CPI Food: COICOP 01, Food and non-alcoholic beverages;

 

3.

CPI Energy: COICOP 04.5, Electricity, gas and other fuels & 07.2.2, Fuels and lubricants for personal transport;

 

4.

CPI All items less food less energy: COICOP 01-12 less COICOP 01, 04.5 & 07.2.2;

 

5.

CPI Housing: COICOP 04.1, Actual rentals for housing, COICOP 04.2, Imputed rentals for housing & COICOP 04.3, Maintenance and repair of the dwelling;

 

6.

CPI Services less housing: Services less COICOP 04.1, Actual rentals for housing, 04.2, Imputed rentals for housing, & 04.3.2, Services for the maintenance and repair of the dwelling.

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7. Where can I find CPI data for the European Union or the Euro area? What are the differences between CPIs and HICP?

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Eurostat, the statistical office of the European Union publishes the Harmonised Indices of Consumer Prices (HICPs), calculated according to a harmonised approach and a single set of definitions in order to give comparable measures of inflation in the euro-zone, the EU, the European Economic Area and for other countries including accession and candidate countries. They provide the official measure of consumer price inflation in the euro-zone for the purposes of monetary policy in the euro area and assessing inflation convergence as required under the Maastricht criteria.
Further information on HICPs methodology and HICP data can be found on the Eurostat website.
HICPs for European countries, Euro Area and European Union are also available on OECD.Stat Extracts at the following address: http://stats.oecd.org/index.aspx?queryid=24893.

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The six CPI target series publishes by the OECD are National Consumer Price Indices computed by each National Statistical Office (NSO) of OECD member countries following their own methodology.
The OECD zones (OECD Total, OECD-Europe and Major seven) are computed by the OECD using National CPIs.

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8. What are National CPI weights available on OECD.Stat Extracts?

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The "National CPI Weights" dataset http://stats.oecd.org/Index.aspx?DataSetCode=MEI_CPI_WEIGHTS contains the annual expenditure weights for the national CPI for the OECD Member countries at a detailed level of the COICOP classification (except Australia and Korea).
The weight of a product in a CPI is the proportion of total household expenditure which is spent on that product during the weight reference period.

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9. What are the OECD Zones calculated for CPIs? / How are they computed?

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The three following OECD zones are calculated with data going to January 1970:

 

1.

OECD-Total refers to the 34 OECD countries starting from 1995. Prior to 1995 Chile, Czech Republic, Estonia, Hungary, Iceland, Israel, Poland, Slovak Republic, Slovenia are excluded.

 

2.

OECD-Europe refers to the 25 OECD countries that are found in Europe starting from 1995. Prior to 1995, Czech Republic, Estonia, Hungary, Poland, Slovak Republic and Slovenia are excluded;

 

3.

Major Seven refers to the seven major countries: Canada, the United-States, Japan, France, Germany, Italy and United-Kingdom. 

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The OECD Zones are calculated for the four following CPI series:

 

1.

CPI All items;

 

2.

CPI Food;

 

3.

CPI Energy;

 

4.

CPI All items less food less energy.

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The OECD Zones for CPI are annually chain-linked Laspeyres indices. The weights for each individual link are based on the previous year's private final consumption expenditure of Households and Non-profits institution serving Households expressed in purchasing power parities (PPP).
Hence OECD Zone aggregates are subject to revision as a result of revisions to the national accounts and the PPPs. In general, new weights for the most recent complete year are incorporated in either November or December of each year. See weights at http://www.oecd.org/dataoecd/45/50/44119636.xls.

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10. Why the OECD publishes CPI series with 2010=100 as reference period (Index, 2010=100)? What are the other measures available?

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All CPI series are published by the OECD with 2010=100 as reference year to facilitate comparisons across countries.
National providers may calculate indices using a different reference period (e.g. Canada publishes CPI with December 2002=100 as reference year); they are re-referenced by the OECD to 2010=100.

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The OECD calculates and publishes also the movements of price indexes from one month to another expressed as percent changes: Percentage change on the same period of the previous year and Percentage change on the previous period. An advantage of calculating percent changes is that the result will be the same no matter what reference period is specified.

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In summary, the three following measures for each CPI series published are available (for Annual, Quarterly and Monthly data):

 

1.

Index with 2010=100 as reference year;

 

2.

Annual change: Percentage change on the same period of the previous year (%);

 

3.

Previous period change: Percentage change on the previous period (%).

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11. In which currency are CPIs expressed?

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CPIs are indices expressed with a fixed reference year (2010=100) and by definition are not expressed in a specific currency. However, prices of a transaction collected to calculate CPIs are expressed in national currency.

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12. Where can I get more methodological information on CPIs?

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More information on national CPIs can be found on:  

 

1.

The "OECD MEI Sources and Definition system" available at: http://stats.oecd.org/mei/

 

2.

The NSOs websites;

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More comprehensive information and explanations for compiling CPIs are provided by:

 

1.

The "Consumer Price Index Manual- Theory and Practice", International Labour Office, Geneva, 2004, available at the following address: http://www.ilo.org/public/english/bureau/stat/guides/cpi/index.htm.

 

2.

The "Practical Guide to producing Consumer Price Indices", United Nations, New-York and Geneva, 2009, available at the following addresse: http://live.unece.org/fileadmin/DAM/stats/publications/Practical_
Guide_to_Producing_CPI.pdf

 

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