No Consumer Price Index and inflation rates this year | THE DAILY HERALD

PHILIPSBURG–The Department of Statistics STAT will not publish Consumer Price Index (CPI) and inflation rate results for 2018. This is due to STAT implementing a new data-collection and processing system this year, which entails updated methodologies, software and processes used in its regular price surveys and index calculations.

Due to resource constraints, coupled with the obsolete condition of the previous CPI-processing system, STAT decided not to execute both the old and new systems concurrently. Thus, the old system was discontinued at the end of 2017.

Moving forward, STAT has established 2018 as its new base year and starting point for the measuring of price developments within the recently-updated “basket” of consumer goods and services.

This so-called basket was determined following the results of the latest Household Budget Survey, which gave insight into household expenditures across 12 categories of goods and services.

The rollout of the new CPI system will take full effect in January 2019, when prices will be compared to 2018 levels, the department stated. Hence, STAT will resume publishing CPI and inflation results based on the new system in early 2019. Where necessary, the department will then be able to provide data at more detailed levels.

STAT said it appreciates its stakeholders’ understanding during this transition period and looks forward to better serving the needs of all its users.

Source: The Daily Herald https://www.thedailyherald.sx/islands/80066-no-consumer-price-index-and-inflation-rates-this-year

LEAVE A REPLY