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The Retail Price Index and the Cost-of-Living Index: testing for consistency in theory and practice

Author

Listed:
  • Ian Crawford

    (Institute for Fiscal Studies and University of Surrey)

  • Isabella Image

Abstract

This paper tests the published section-level price and weight data used in the compilation of the UK retail price index (RPI) for consistency with the theory of the cost-of-living index. We use a non-parametric test of theoretical consistency and bootstrap statistical methods to estimate the probability of consistency.

Suggested Citation

  • Ian Crawford & Isabella Image, 2004. "The Retail Price Index and the Cost-of-Living Index: testing for consistency in theory and practice," Fiscal Studies, Institute for Fiscal Studies, vol. 25(1), pages 79-91, March.
    • Handle: RePEc:ifs:fistud:v:25:y:2004:i:1:p:79-91
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    Citations

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    Cited by:

    1. Colm McCarthy, 2007. "Owner-Occupied Housing Costs and Bias in the Irish Consumer Price Index," Working Papers 200707, School of Economics, University College Dublin.
    2. Barrett, Alan & Kearney, Ide & O'Brien, Martin, 2007. "Quarterly Economic Commentary, Autumn 2007," Forecasting Report, Economic and Social Research Institute (ESRI), number QEC20073, march.
    3. McCarthy, Colm, 2007. "Owner-Occupied Housing Costs and Bias in the Consumer Price Index," Quarterly Economic Commentary: Special Articles, Economic and Social Research Institute (ESRI), vol. 2007(3-Autumn), pages 83-88.

    More about this item

    JEL classification:

    • C4 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics
    • D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis

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