The Retail Price Index and the Cost-of-Living Index: testing for consistency in theory and practice

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The Retail Price Index and the Cost-of-Living Index: testing for consistency in theory and practice

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Ian Crawford () (Institute for Fiscal Studies and University of Surrey)
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Ian Crawford

Abstract

This paper tests the published section-level price and weight data used in the compilation of the UK retail price index (RPI) for consistency with the theory of the cost-of-living index. We use a non-parametric test of theoretical consistency and bootstrap statistical methods to estimate the probability of consistency.

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Publisher Info
Article provided by Institute for Fiscal Studies in its journal Fiscal Studies.

Volume (Year): 25 (2004)
Issue (Month): 1 (March)
Pages: 79-91
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Handle: RePEc:ifs:fistud:v:25:y:2004:i:1:p:79-91

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C4 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics
D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis

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Barrett, Alan & Kearney, Ide & O'Brien, Martin, 2007. "Quarterly Economic Commentary, Autumn 2007," Forecasting Report, Economic and Social Research Institute (ESRI), number QEC20073, August. [Downloadable!]
Other versions:
- Barrett, Alan & Kearney, Ide & Goggin, Jean & O'Brien, Martin, 2008. "Quarterly Economic Commentary, Autumn 2008," Forecasting Report, Economic and Social Research Institute (ESRI), number QEC20083, August. [Downloadable!]
- Barrett, Alan & Bergin, Adele & Garrett, Shane & McCarthy, Yvonne, 2005. "Quarterly Economic Commentary, Autumn 2005," Forecasting Report, Economic and Social Research Institute (ESRI), number QEC20053, August.
- Barrett, Alan & Kearney, Ide & McCarthy, Yvonne, 2006. "Quarterly Economic Commentary, Autumn 2006," Forecasting Report, Economic and Social Research Institute (ESRI), number QEC20063, August.
McCarthy, Colm, 2007. "Owner-Occupied Housing Costs and Bias in the Consumer Price Index," Quarterly Economic Commentary: Special Articles, Economic and Social Research Institute (ESRI), vol. 2007(3-Autumn), pages 83-88. [Downloadable!]
Colm McCarthy, 2007. "Owner-Occupied Housing Costs and Bias in the Irish Consumer Price Index," Working Papers 200707, School Of Economics, University College Dublin. [Downloadable!]

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