In this paper we present results of an analytical retrospective superlative index based on New Zealand’s consumers price index (CPI) to indicate the impact of commodity substitution on the fixed-weight CPI. The existing time series from 2002 to 2011 has been extended to 2014 following implementation of the 2014 CPI reweight.
This paper also provides results of how the CPI might have tracked had no reweight, or only some reweights, occurred since 2002. This analysis highlights the benefits of reweighting the CPI frequently.
We implemented a review of the CPI when the September 2014 quarter was released in October 2014. The review involved reselecting and reweighting the basket of representative goods and services to ensure it continues to reflect household spending patterns.
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Statistics New Zealand (2015). Analytical retrospective superlative index based on New Zealand’s CPI: 2014. Available from www.stats.govt.nz.
ISBN 978-0-478-42960-2 (online)
Published 27 February 2015