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2017 | OriginalPaper | Chapter

7. What’s in the Basket?

Authors : Robert O’Neill, Jeff Ralph, Paul A. Smith

Published in: Inflation

Publisher: Springer International Publishing

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Abstract

Although the methodology behind the measurement of the general level of prices contains many technical and complex elements, there is one aspect that is easier to understand and is of particular interest to the general public—the basket of goods and services. The construction of a representative basket is a vital element of the process of measuring consumer price inflation.

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previous chapter The Development of the Retail Prices Index: 1947–1989

next chapter Collecting Prices

See, for example, http://www.bbc.co.uk/news/business-35810466 (accessed 3 June 2017).

In fact, this would present considerable problems for the statistician as will be explored in Chap. 15.

The basket was unchanged between 1952 and 1956.

Gooding, P. (2010). Consumer Prices Index and Retail Prices Index: The 2010 basket of goods and services. Newport: Office for National Statistics. Available from http://webarchive.nationalarchives.gov.uk/20160105160709/http:/www.ons.gov.uk/ons/rel/cpi/cpi-rpi-basket/consumer-prices-index-and-retail-prices-index--the-2010-basket-of-goods-and-services/index.html. Accessed 3 June 2017.

Gooding, P. (2017). Consumer price inflation basket of goods and services, 2017. Newport: Office for National Statistics. Available from http://www.ons.gov.uk/releases/consumerpriceinflationbasketofgoodsandservices2017. Accessed 3 June 2017.

van der Grient, H., & de Haan, J. (2010). The use of supermarket scanner data in the Dutch CPI. The Hague: Statistics Netherlands. Available from http://www.cbs.nl/en-gb/our-services/methods/surveys/korte-onderzoeksbeschrijvingen/the-use-of-supermarket-scanner-data-in-the-dutch-cpi. Accessed 3 June 2017.

Lowe, J. (1823). The present state of England in regard to agriculture, trade and finance: With a comparison of the prospects of England and France. London: Longman, Hurst, Rees, Orme & Brown. Second edition.

O’Donoghue, J., McDonnell, C., & Placek, M. (2006). Consumer price inflation, 1947–2004. Economic Trends, 626, 38–53. Available from http://webarchive.nationalarchives.gov.uk/20160105160709/http://www.ons.gov.uk/ons/rel/elmr/economic-trends--discontinued-/no--626--january-2006/consumer-price-inflation--1947-to-2004.pdf. Accessed 2 June 2017.

ONS. (2014). Consumer Price Indices Technical Manual, 2014 Edition. Newport: Office for National Statistics. Available from http://webarchive.nationalarchives.gov.uk/20160105160709/http:/ons.gov.uk/ons/guide-method/user-guidance/prices/cpi-and-rpi/cpi-technical-manual/consumer-price-indices-technical-manual--2014.pdf. Accessed 3 June 2017.

Ralph, J., O’Neill, R., & Winton, J. (2015). A practical introduction to index numbers. Chichester: Wiley.

Title: What’s in the Basket?
Authors: Robert O’Neill
Jeff Ralph
Paul A. Smith
Publisher: Springer International Publishing
Book: Inflation
Print ISBN: 978-3-319-64124-9

Electronic ISBN: 978-3-319-64125-6

Copyright Year: 2017
DOI: https://doi.org/10.1007/978-3-319-64125-6_7