Wednesday, October 07, 2009

Do you think the CPI is a joke?

other people do

Now's your chance to do something about it:

Professor Kevin Fox, Head of Economics at the Australian School of Business, has been invited by the Australian Bureau of Statistics to Chair the Advisory Group for the 16th series Consumer Price Index (CPI) Review.

Professor Fox said it was a great honour to be invited to Chair the review, as it had the potential to impact on the lives of all Australians.

“The Australian Bureau of Statistics is one of the world’s leading statistical agencies. They are great innovators and open to academic input, so I am looking forward to working with them on this review,” said Professor Fox.

The Consumer Price Index (CPI) is the main measure of inflation, or the average rate of price changes faced by consumers. It is used in a broad range of policy contexts, including underlying the setting of interest rates by the Reserve Bank and determining changes in welfare payments.

It is also used in wage negotiations and for a wide range of long-term contract escalation purposes. The Australian Bureau of Statistics regularly reviews the suitability of their methodology and information sources, given changes in consumption patterns and changes in technology.

“The 16th series CPI Review will be a major review, which will reassess the CPI's scope, coverage, and examine specific methodological issues,” said Professor Fox.

Professor Fox has had a long association with the Australian Bureau of Statistics. He has been on the Methodology Advisory Committee for more than a decade and is a member of the Productivity Measurement Reference Group.

He is also currently leading a major project with the Australian Bureau of Statistics and the Productivity Commission on productivity measurement through an ARC Linkage Grant.

An information paper on the review; ‘
Issues to be Considered During the 16th Series Australian Consumer Price Index Review’ is scheduled to be released late December 2009 for wider public consultation.

Don't waste it.