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C ONSUMER P RICE I NDEX

C ONSUMER P RICE I NDEX. CPI is the main measure of inflation. CPI is administered by Statistics NZ It is based on survey of goods that are deemed typical of spending patterns of NZer’s The ‘basket of goods’ – 700 0f them, is determined by the HOUSEHOLD ECONOMIC SURVEY.

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C ONSUMER P RICE I NDEX

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  1. CONSUMERPRICEINDEX • CPI is the main measure of inflation. • CPI is administered by Statistics NZ • It is based on survey of goods that are deemed typical of spending patterns of NZer’s • The ‘basket of goods’ – 700 0f them, is determined by the HOUSEHOLD ECONOMIC SURVEY. • The composition and weightings are revised once every 3 years to reflect changes in spending patterns. • The prices of the goods are surveyed once every quarter, though some are done more frequently.

  2. SIMPLE PRICE INDEX $ 10.00 60.6% 27.3% $ 4.50 12.1% $ 2.00 100.00 $ 16.50

  3. SIMPLE CANTEEN PRICE INDEX $ 10.00 $ 4.50 $ 2.00 $ 16.50 CURRENT TOTAL EXP. 16.50 1000 X = 1000 1000 = X 16.50 BASE YEAR EXP.

  4. YEAR 2 YEAR 2 EXPENDITURE (QXP2) YEAR 2 PRICE (P2) % CHANGE $2.10 $10.50 5% $ 10.00 $1.00 $3.00 -33% $ 4.50 100% $2.00 $4.00 $ 2.00 $17.50 $ 16.50 1000 1060 6% CURRENT TOTAL EXP. 17.50 1060 X 1000 = 1000 = X 16.50 BASE YEAR EXP.

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