Scanner Indexes for the Consumer Price Index
Scanner Indexes for the Consumer Price Index
This chapter offers an overview of the use of scanner data in the statistical system based on the actual experience of using them to construct a price index designed to be a practical alternative to a price index based on conventionally collected data. It also compares the New York price index for breakfast cereal from the consumer price index (CPI) program to various indexes computed from the scanner data. The results reveal that the amalgamation in the New York cereal indexes did make a difference, and given that the CPI must be unbiased, it is necessary. The CPI computes average prices for a number of items for the convenience of users. The national CPI and the A101 CPI do not track each other very well at all. Moreover, it is illustrated that the standard errors of the scanner indexes are about one-sixth of those of the current CPI.
Keywords: scanner data, New York, breakfast cereal, consumer price index, amalgamation
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