StatCan Blog: Enhancing the Consumer Price Index, February 2013
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In its second StatCan Blog, Statistics Canada today sheds light on enhancements to one of its key programs that has an impact on the life of virtually every Canadian — the Consumer Price Index (CPI).
The CPI tracks price movements for a representative 'basket' of about 600 goods and services Canadians purchase over time. It is widely used as an indicator of the change in the general level of consumer prices.
The CPI Enhancement Initiative is a five-year program designed to improve the index's accuracy and relevance. Today's Blog explains plans in three major areas: Updating the basket of goods and services; improving sampling; and tracking changes in the quality of consumer products.
The enhancement is important. Due to the wide range of specific uses, the CPI must be as precise as possible. It is used to adjust pension cheques, tax brackets, rent controls, transfer payments and collective agreements. Also, the Bank of Canada uses it to help set monetary policy, which affects the cost of borrowing.
For more information, contact us (toll-free 1-800-263-1136; infostats@statcan.gc.ca).
To enquire about the concepts, methods or data quality of this release, contact Penny Stuart (613-951-2005; blog-blogue@statcan.gc.ca).
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