Evolving the measurement of inflation

Inflation statistics are prominent, with concerns about the scale of rising prices. How do stats offices calculate the inflation rate and what problems are there?

The basic approach

There is a ‘basket’ of around 700 goods and services. That basket covers essential items such as bread and milk. It also includes expensive purchases like cars.

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Anthony B. Masters

Anthony B. Masters

This blog looks at the use of statistics in Britain and beyond. It is written by RSS Statistical Ambassador and Chartered Statistician @anthonybmasters.