1 / 10

Treatment of clothing and footwear – new Regulation

Treatment of clothing and footwear – new Regulation. Definitions Minimum standards Impact on Norwegian HICP. Definitions. “Seasonal products” goods and services not available for purchase,

rashad
Download Presentation

Treatment of clothing and footwear – new Regulation

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Treatment of clothing and footwear – new Regulation Definitions Minimum standards Impact on Norwegian HICP

  2. Definitions • “Seasonal products” • goods and services not available for purchase, • or purchased in small or negligible volumes, for certain periods in a typical annual cyclical pattern. • “Counter-seasonal estimation” • first month out-of-season period - estimated price is equal to a typical price observed in the previous in-season period • second month - adjusted by the change in observed prices on average over all seasonal products that are in-season in the same subdivision of COICOP/HICP

  3. Definitions • “All-seasonal estimation” • first month out-of-season period - estimated price is equal to a typical price observed in the previous in-season period • second month - adjusted by the change in observed prices on average over all available products in the same subdivision of COICOP/HICP, • “Strict annual weights index” • a price index using weightings that do not differ between months within the same year at all levels of index calculation;

  4. Definitions • “Class-confined seasonal weights index” • a price index using weightings that within the same year do not differ between months for any COICOP/HICP subdivision taken as a whole, — do not differ between months for products within any COICOP/HICP subdivision that does not contain any seasonal product.

  5. Regulation • Minimum standards • In any given month, seasonal products shall be deemed to be either in-season or out-of-season. In-season periods may vary from one year to another. • An HICP sub-index at elementary product group level shall be a strict annual weights index or a class-confined seasonal weights index. • Shall apply to seasonal products within the following COICOP/HICP classes and groups: • 01.1.3 Fish • 01.1.6 Fruit • 01.1.7 Vegetables • 03.1 Clothing • 03.2 Footwear

  6. HICP as a strict annual weights index; • Estimated price for a product-offer of a seasonal product that is out-of-season shall be defined either by; • counter-seasonal estimation • or by all-seasonal estimation • Estimations may be performed at a more detailed level than the subdivision of COICOP/HICP, such as for strata if a stratified sample is being used

  7. Class-confined seasonal weights index; • Seasonal product that is out-of-season shall have a weight of zero • Seasonal weights may also be established at a more detailed level

  8. Impact Norwegian HICP • Changes in the methodology as of January 2011 due to the regulation index Out-of season x x x x x x x x x x x x x x x time

  9. Impact Norwegian HICP • Minor • Limited number of products classified as seasonal products in the Norwegian HICP/CPI • Indices more volatile on product level, but the effects seem to be temporarily • Impact on the Norwegian HICP/CPI in February/March and August/September • The effect on the all-item index is estimated to be less than 0.1 percentage point

  10. Questions or comments?

More Related