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  • Open Daily: 10am - 10pm
    Alley-side Pickup: 10am - 7pm

    3038 Hennepin Ave Minneapolis, MN
    612-822-4611

Open Daily: 10am - 10pm | Alley-side Pickup: 10am - 7pm
3038 Hennepin Ave Minneapolis, MN
612-822-4611
Modernizing the Consumer Price Index for the 21st Century

Modernizing the Consumer Price Index for the 21st Century

National Academies of Sciences Engineering and Medicine
Division of Behavioral and Social Sciences and Education
Committee on National Statistics

Paperback

EconomicsGeneral Sociology

ISBN10: 0309286980
ISBN13: 9780309286985
Publisher: National Academies Press
Published: Sep 19 2022
Pages: 194
Weight: 0.70
Height: 0.56 Width: 5.99 Depth: 8.91
Language: English

The Consumer Price Index (CPI), produced by the Bureau of Labor Statistics (BLS), is the most widely used measure of inflation in the U.S. It is used to determine cost-of-living allowances and, among many other important private- and public-sector applications, influences monetary policy. The CPI has traditionally relied on field-generated data, such as prices observed in person at grocery stores or retailers. However, as these data have become more challenging and expensive to collect in a way that reflects an increasingly dynamic marketplace, statistical agencies and researchers have begun turning to opportunities created by the vast digital sources of consumer price data that have emerged. The enormous economic disruption of the COVID-19 pandemic, including major shifts in consumers' shopping patterns, presents a perfect case study for the need to rapidly employ new data sources for the CPI.

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