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The budget was handed down during a period of high inflation. The consumer price index had risen to 7.3% over the past year, the highest since June 1990. [3] Before the budget was delivered the Treasurer was cautioning the state of the global economy. He warned our key trading partners faced the risk of recession. [4]
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 ...
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 ...
With the latest data in the Consumer Price Index, released by the U.S. Bureau of Labor Statistics on Tuesday, Dec. 13, groceries went up by 0.5% as of November.
With 2023 fast approaching, Social Security beneficiaries will soon get a definite answer on how much their monthly payments will go up next year based on the current quarter’s inflation rate ...
The Consumer Price Index (CPI) revealed headline inflation rose 0.1% over last month and 4% over the prior year in May, a slowdown from April's 0.4% month-over-month increase and 4.9% annual gain.
The final budget outcomes for 2022–23 delivered a surplus of $22.1 billion (equivalent to 0.9% of Australia’s GDP), which was well above the government's forecasted surplus of $4.3 billion; this is Australia's first budget surplus in 15 years, and the largest ever Australian budget surplus. [11]
After peaking at 9.1% in June 2022, the United States inflation rate declined steadily into 2023, representing overall disinflation. Analysis conducted by NerdWallet on October 2023 data found that prices for 92 of the 338 goods and services measured in CPI had declined from one year earlier, representing deflation for those items. [ 162 ]