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The consumer price index for urban wage earners and clerical workers (CPI-W) is a continuation of the historical index that was introduced after World War I for use in wage negotiation. [23] As new uses were developed for the CPI, the need for a broader and more representative index became apparent.
A CPI is a statistical estimate constructed using the prices of a sample of representative items whose prices are collected periodically. Sub-indices and sub-sub-indices can be computed for different categories and sub-categories of goods and services, which are combined to produce the overall index with weights reflecting their shares in the total of the consumer expenditures covered by the ...
Description: U.S. Consumer Price Index, a measure of inflation, 1913–2022. 100=1982–84 Date: 8 February 2023: Source: Data source at , specifically in the "... index averages" table in this PDF file (US Government – public domain); Original image at File:Consumer Price Index US 1913-2004.png
The Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), covers approximately 29 percent of the U.S. population. This index is used predominantly for adjusting Social Security ...
2003: original index value was $2.80; $2.80/$2.50 = 112%, so new index value is 112 When an index has been normalized in this manner, the meaning of the number 112, for instance, is that the total cost for the basket of goods is 4% more in 2001 than in the base year (in this case, year 2000), 8% more in 2002, and 12% more in 2003.
It takes hundreds of people at Statistics Canada to compile CPI each month. This is how CPI is calculated. How Statistics Canada calculates inflation: A guide to understanding CPI
Historical inflation, using data from (pre-1913: McCusker study; post-1913: CPI-U [annual averages]) Pre-1774 data can be found in How Much is that in Real Money?: A Historical Price Index for Use as a Deflator of Money Values in the Economy of the United States [0-944026-33-8] McCusker (not shown in linked source)
The Chained Consumer Price Index C-CPI-U, a chained index, has been introduced. The C-CPI-U tries to mitigate the substitution bias that is encountered in CPI-W and CPI-U by employing a Tornqvist formula and utilizing expenditure data in adjacent time periods in order to reflect the effect of any substitution that consumers make across item ...