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Higher-level Indices un the Consumer Price Index

Consumer price indices are compiled at the higher level using Laspeyres-type arithmetic averages. These Laspeyres-type indices include the Young and the Lowe indices, both of which have serious shortcomings. There may be practical advantages and financial savings from continuing to make repeated use over many years of the same fixed set of quantities to calculate a CPI. However, the amount by which such a CPI exceeds some conceptually preferred target indeks is likelys to get steadily larger the longer the same set of reference quantities is used.

consumer price index; Laspeyres-type indices; bias

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