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The Consumer Price Index (CPI) is New Zealand's primary measure of inflation, administered by Statistics NZ. It reflects changes in the purchasing patterns of Kiwis, based on a 'basket of goods' derived from the Household Economic Survey. This basket includes 700 typical goods and is updated every three years to mirror evolving spending habits. Prices are surveyed quarterly, with some items checked more frequently to ensure accuracy. CPI is crucial for understanding economic health and guiding policy decisions.
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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.
SIMPLE PRICE INDEX $ 10.00 60.6% 27.3% $ 4.50 12.1% $ 2.00 100.00 $ 16.50
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.
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.
