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A FAMILY OF INDICES IN THE ISRAELI CPI

This presentation discusses the framework and process of the Israeli CPI, including the publication and dissemination of various price indices. It emphasizes the importance of user relations and the impact of the CPI on the economy.

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A FAMILY OF INDICES IN THE ISRAELI CPI

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  1. A FAMILY OF INDICES IN THE ISRAELI CPI Yoel Finkel Central Bureau of Statistics, Israel ECE/ILO Meeting on Consumer Price Indices, May 10-12, 2006, Geneva

  2. Order of Presentation • Introduction • Framework • The process in the Israeli CPI • Summary ECE/ILO Meeting on Consumer Price Indices, May 10-12, 2006, Geneva

  3. Introduction • Chapter 13 of CPI Manual: Theory and Practice • What is be published • How to disseminate • User relations • The CPI is of special importance • It can affect everyone in the economy • Everyone is an expert on consumption ECE/ILO Meeting on Consumer Price Indices, May 10-12, 2006, Geneva

  4. Framework-1 • Many uses for one index • Inflation (item 6) • Indexation in contracts • Adjust economic statistics from nominal to real values • Specific economic analysis in branches of the economy • International comparisons • Questions to ask, prior to publication • Is the methodology of the index published relevant to the use? • Can it be published on a regular basis? • Can differences between price changes be sufficiently explained? ECE/ILO Meeting on Consumer Price Indices, May 10-12, 2006, Geneva

  5. Framework-2 • The questions • What kind of weights and for whom • Sampling frame • Prices (how many, what kind) • Operations (calculation, control) • All the questions that we ask during compilation • Why are we asking them again? • Because it makes a difference • Will be attacked (govt., central banks, the general public) ECE/ILO Meeting on Consumer Price Indices, May 10-12, 2006, Geneva

  6. Framework-3 Decisions: • Indices to be compiled and presented within the General CPI. • The level of detail within each index • Average prices • Indices that are related to or can be alternative measures to a CPI. ECE/ILO Meeting on Consumer Price Indices, May 10-12, 2006, Geneva

  7. Family of Indices in Israel • All price indices published at same time (including PPI’s) • Decisions on publication are based on consultation with users • If it is relevant (someone needs it) and it can be explained (methodology, differences between series), it can be published ECE/ILO Meeting on Consumer Price Indices, May 10-12, 2006, Geneva

  8. Family of Indices in Israel • General indices (overall or “excluding”) • Aggregates consistent with the general index • Selected products (remember the weights) • Selected average prices • Price changes and contributions • If it is relevant (someone needs it) and it can be explained (methodology, differences between series), it can be published ECE/ILO Meeting on Consumer Price Indices, May 10-12, 2006, Geneva

  9. TABLE 1.- MONTHLY PRICE INDICES ECE/ILO Meeting on Consumer Price Indices, May 10-12, 2006, Geneva

  10. TABLE 1.- MONTHLY PRICE INDICES (cont.) ECE/ILO Meeting on Consumer Price Indices, May 10-12, 2006, Geneva

  11. ECE/ILO Meeting on Consumer Price Indices, May 10-12, 2006, Geneva

  12. Related or alternative indices • Seasonally adjusted and trend indices - Tables 5 and 6 - detect price changes without seasonal factors. Adjusted retroactively. • Quintiles of disposable income for standard persons - according to the consumption weights. • Housing price indices (in addition to the housing component in the CPI) ECE/ILO Meeting on Consumer Price Indices, May 10-12, 2006, Geneva

  13. TABLE 7- CONSUMER PRICE INDEX OF THE MAIN "BASKET" GROUPS,FOR QUINTILES OF DISPOSABLE INCOME PER STANDARD PERSON

  14. TABLE 8.- PRICES OF OWNER OCCUPIEDDWELLINGS,ACCORDING TO THE "SURVEY OF HOUSING PRICES"(1)- MONTHLY INDEX AND PERCENT CHANGES

  15. SUMMARY-1 • The “mix” of price indices to be computed is derived from the needs of the economy and users, and the resources at the disposal of the statistical office. • Indices can be computed as part of the CPI, related and alternative to the CPI complimentary series to the CPI, based on data that may not be part of the regular CPI collection process. ECE/ILO Meeting on Consumer Price Indices, May 10-12, 2006, Geneva

  16. SUMMARY-2 • The use of the Price Index series in Israel requires publication of all price indices at an identical dissemination time. • Special care must be taken to assure - indices are published on a regular basis - methodology is consistent with the CPI manual - sufficient explanations of underlying concepts are distributed along with the publication of the CPI. ECE/ILO Meeting on Consumer Price Indices, May 10-12, 2006, Geneva

  17. Final Points • CPI is important • Users are very passionate (it may cost them) • Read the reactions on the internet to the information that you released from the CPI (you can learn what your users think about what you do although… you may also learn about the mental state of those that write reactions on the web). ECE/ILO Meeting on Consumer Price Indices, May 10-12, 2006, Geneva

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