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Price Measurement and Mismeasurement in Central Asia

In: Household Welfare in Central Asia

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  • Vincent Koen

Abstract

By mid-1994, the price of cottage cheese in Kazakhstan was reported to have risen by 29 000 times from its pre-transition December 1990 level, the price of milk by 14 600 times, potatoes by 5700 times, vodka by 2600 times, and bread made of first category flour by 900 times. Similarly dramatic price developments were witnessed in Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan. The question immediately arises of the implications for living standards of such vertiginous and disparate surges in prices. More narrowly, how reliable are the aggregate price measures used to deflate household incomes and expenditures under such circumstances?

Suggested Citation

  • Vincent Koen, 1997. "Price Measurement and Mismeasurement in Central Asia," Palgrave Macmillan Books, in: Jane Falkingham & Jeni Klugman & Sheila Marnie & John Micklewright (ed.), Household Welfare in Central Asia, chapter 2, pages 21-41, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-25475-0_2
    DOI: 10.1007/978-1-349-25475-0_2
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    Cited by:

    1. Jan Hanousek & Randall K. Filer, 2000. "Output Changes and Inflationary Bias in Transition," CERGE-EI Working Papers wp167, The Center for Economic Research and Graduate Education - Economics Institute, Prague.
    2. Andrew Newell & Barry Reilly, 1999. "Rates of Return to Educational Qualifications in the Transitional Economies," Education Economics, Taylor & Francis Journals, vol. 7(1), pages 67-84.

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