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A survey of inflation measures in use at central banks

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  • Teunis Brosens
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    Abstract

    The headline inflation rate is subject to unpredictable, temporary, sector-specific shocks. Therefore, various measures of core inflation have been proposed to isolate the underlying or permanent inflation component. In this paper, a number of criteria are used to evaluate several statistical measures, and the performance of these measures is analysed for the euro area and the Netherlands. It turns out that none of the measures meets all the criteria. Core inflation measures can however serve very well as an analytical tool. A survey of inflation measures in use at central banks in the OECD area confirms that core inflation measures mostly serve as analytical tool only.

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    File URL: http://www.dnb.nl/binaries/serie2003-19_tcm46-147348.pdf
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    Bibliographic Info

    Paper provided by Netherlands Central Bank, Monetary and Economic Policy Department in its series MEB Series (discontinued) with number 2003-19.

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    Date of creation: Dec 2003
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    Handle: RePEc:dnb:mebser:2003-19

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    Keywords: core inflation; trimmed mean;

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