6401.0.60.002 - Information Paper: Increasing the Frequency of CPI Expenditure Class Weight Updates, July 2016

ARCHIVED ISSUE Released at 11:30 AM (CANBERRA TIME) 11/07/2016 First Issue

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The Australian Bureau of Statistics (ABS) maintains a program of periodic reviews of the Consumer Price Index (CPI) to ensure it continues to meet community needs. The 16th Series CPI Review (ABS 2010) was the last comprehensive review which examined CPI concepts, methodologies and data sources. A number of topics and strategies were considered to maintain the relevance of the CPI in a dynamic environment, particularly given recent developments in methods and approaches.

The ABS is currently conducting a research program aimed at re-examining the current approaches to compiling the CPI. These developments present new opportunities to enhance the CPI. This information paper discusses the feasibility of using Household Final Consumption Expenditure (HFCE) data to more frequently update Australia’s CPI EC weights; identifies and addresses challenges of the proposal; and presents empirical results.

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