The document discusses the consumer price index (CPI) and its importance in business and economic policy. The CPI measures inflation and changes in consumer purchasing power over time. It helps set monetary policy and track the real wages of industrial workers after accounting for inflation. While nominal weekly wages of Indian industrial workers increased between 1993-1994 and 1998-1999, the data shows that real wages actually decreased during that period due to rising inflation.
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Definition- Problems for construction. Construction of price, quantity, value and cost of living index numbers, ideal index, tests and uses of index numbers.
Index that traces the relative changes in the price of an individual good (or a market
basket of goods) over time
It is also substituted for the annual average inflation at times
It gives an idea of the week-to-week fluctuations in the prices of all the traded
commodities in the country as a whole
It is calculated for wholesale prices in which the quantities of the base year and
current year are different
Definition- Problems for construction. Construction of price, quantity, value and cost of living index numbers, ideal index, tests and uses of index numbers.
Index that traces the relative changes in the price of an individual good (or a market
basket of goods) over time
It is also substituted for the annual average inflation at times
It gives an idea of the week-to-week fluctuations in the prices of all the traded
commodities in the country as a whole
It is calculated for wholesale prices in which the quantities of the base year and
current year are different
The headline CPI (for all urban areas) annual inflation rate in September 2015 was 4,6%. This rate was the same as the corresponding annual rate of 4,6% in August 2015. On average, prices were unchanged between August 2015 and September 2015.
Basic concepts and how to measure price volatility
Presented by Carlos Martins-Filho at the AGRODEP Workshop on Analytical Tools for Food Prices
and Price Volatility
June 6-7, 2011 • Dakar, Senegal
For more information on the workshop or to see the latest version of this presentation visit: http://www.agrodep.org/first-annual-workshop
What is inflation?
What is a Consumer Price Index?
What is the price mechanism?
What three roles do prices play?
Which two categories is left out of the core inflation rate?
Is any increase in prices inflationary?
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Running head Fundamentals of Macroeconomics 1Fundamentals.docxcharisellington63520
Running head: Fundamentals of Macroeconomics
1
Fundamentals of Macroeconomics
2
Fundamentals of Macroeconomics
Week 2 Assignment
ECO/372
Macro Economics is a study which is concerned with the economy as a whole and the level of total output which is also referred to as national income is a very important variable in any economy. National income measures the value of an output produced in an economy over a period of time and the policy makers should be aware of the level of economic activity taking place within the country on behalf of the nationals.
One of the most important objectives of the government is to increase the level of the rate of economic growth which is possible only be measuring the national income. The main uses of the national income statistics are:
1. It shows the current allocation of resources,
2. It helps the government in economic planning,
3. It helps measures the country’s standard of living, and
4. It helps in the comparison of the living standard between different countries.
There are some important concepts of National Income such as Gross Domestic Product, Gross National product, net National product and The GDP per capita.
Gross domestic product: “GDP is the total value of all output produced using resources located within the economy over a given period of time”. It refers to the market value of all final goods and services produced within a country in a given period (O'Sullivan, Arthur).
GDP measures the annual value of all economic activity taking place within the economy and the GDP measures are on a value added basis in order to avoid the problem of double counting. There are three ways of calculating the GDP but the results of all the three methods should be the same. They are:
· The Output Method.
· The Income Method.
· The Expenditure Method.
Nominal GDP: Also known as the money GDP is measured in terms of the prices operating in the year in which the output is produced. it is sometimes referred to as GDP at market prices. It can give a wrong impression about the performance of the economy, because of the changes in the value of money which depends on the price level, which is subject to changes. Normally the Nominal GDP converted into Real GDp which is a measure of adjustment for inflation is used to calculate the National performance. Real GDP therefore is: money GDP/ the price index of the current year X Price index of the base year or money GDP/ GDP deflator of the current year X Price index of the base year (HM Treasury, Background information on GDP and GDP deflator).
Unemployment rate: Employment is the total number of people with a job which includes the employees, businessmen and self employed people. The number employed may change over time due to many factors. While unemployment refers to those people who have registered, able, available and willing to work at the going wage rate at any suitable job but cannot find employment. Unemployment is measured at a point of time and.
Variations or irregular rise of consumer price index worldwide of which Ghana is no exception has affected many businesses in the country. However, the obvious indicator of an inflationary situation is rising prices of consumer goods. On the basis of the above, the researchers decided to do a trend analysis on consumer price indices obtained from the Ghana Statistical Service to serve as a guide to the business community in Ghana. The main objective of the analysis is to determine the overall pattern in the data and to subsequently fit an appropriate trend for forecasting future values. The main statistical technique used in this work is time series analysis. Based on the trend analysis carried out, the study revealed that, there was general upward trend in the CPIs in Ghana, collaborating an earlier research conducted by Ampofo. However, the shapes of graphs of the CPIs, showed a slight difference. Finally, forecast values or predictions for the CPIs were made for the year 2008.
1 MBA 530 ECONOMICS Unit 11 An Introduction to Mea.docxjeremylockett77
1
MBA 530 ECONOMICS
Unit 11: An Introduction to Measures of Macroeconomic Performance
Part 3: Inflation: Measuring the Cost of Living
** This material is the copyrighted property of Peter W. Schuhmann**
Any form of distribution without written permission from the author is
prohibited
These lecture notes contain links to further reading or data, highlighted in blue.
Topics in this lecture:
1. Purchasing power
2. Inflation
3. Index numbers and the Consumer Price Index (CPI)
4. Problems with the CPI
5. Real and nominal wages and income
6. Real and nominal interest rates
We all have a sense of what “inflation” means… The prices that we pay for goods
and services are rising over time. The goal of this lecture is to carefully define the
concept of inflation and understand how it is measured. Along the way, we’ll
develop the idea of using an “index” that will allow us to distinguish changes in
nominal output and real output. This can be applied to national output (GDP) or to
firm-level output.
Why is an understanding of price changes and the “cost of living” an important
concept?
Understanding how prices have changed over time allows for some insight into
whether or not people are better off or worse off over time. For example, your
grandparents might lament the relatively high prices of certain goods or services
today compared to prices in “the old days”. In 1950, a new house could be
purchased for around $8,000. Most new cars could be purchased for less than
$2,000 and the price of a gallon of gasoline was less than 20 cents. Compared with
prices today, these prices are quite low. Do today’s higher prices mean that we are
worse off? Not necessarily. In 1950 U.S. per capita GDP was around $14,000.
2
Today it is well over $50,000. To decide whether the average person is better off
or worse off than in the past, we need to look at purchasing power.
Purchasing power is the value of currency in terms of its ability to be traded for
goods and services. In terms of the above example comparing the price of goods
and services in 1950 to those same prices today, we’d ask how far the average
income of 1950 went in terms of a consumer’s ability to purchase things compared
to today’s average income.
How do we compare values over time?
In order to help with comparisons of value over time, economists often rely on
index numbers. Index numbers indicate the value of something relative to a
baseline value. The baseline value is usually a number that makes mathematical
comparisons easy, like 100. A price index can be used to calculate the rate of
inflation to help understand changes in the cost of living over time. Other examples
include stock market indices like the Standard & Poor's 500 and the Nasdaq
Composite Index.
For example, the consumer price index (CPI) allows us to make such comparisons
for consumer goods. The CPI is a measure of the average cost of a standard
...
This chapter brings together the basic ideas of consumer demand, and the production and cost concerns. This chapter will enable students to understand how price is determined in a market and the role of price.
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Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
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Consumer price index
1. Objective Of Consumer Price Index To measure the impact of ‘price’ change on the purchasing power of the after tax money incomes of wage and salary earner households. Focus was to track inflation Helps in Monetary policy to take decisions , to control inflation
2. Methodology Given - Consumer Price Index, Wages To Calculate: Real wages , Purchasing power Purchasing Power = (1/Consumer Price Index) 100 Real Wages = (Wages/Consumer Price Index) 100
3. Statement Of Business ScenarioGeneral Price level,Measurement Consumer price Index(CPI), Wholesale price Index(WPI), GDP deflator Each is a weighted average of several prices & is presented in the form of index numbers. CPI signals changes in prices facing the consumers. We are explaining annual movement in general price levels in India. Table summarizes the Data and the chart shows the trends in prices. Indian Scenario
4. Wages of Industrial Workers(Average ) of India This table shows the Average weekly wages of Industrial workers of India and CPI
5. Results & Findings Shown in the Table The Industrial Workers have the greatest buying power in 1993-94 The %tage Increase in the weekly wages for the year 1998-98 required to provide the same buying power that the employees had in 1993-94 : absolute difference i.e. 93.30 – 81.22 = 12.08
6. Importance of CPI In Business It helps to formulate Economic Policy, Escalate income payments & measure real earnings. It also measures purchasing power of the consumer in Rs. The purchasing power of the rupee is the value of a rupee in a given year as compared to a base year. When a time series is concerned with such rupee values as retail sales amounts or wage rates the price index is more frequently used to achieve deflation of such time series. The CPI is used in wage negotiations and wage contracts. It also helps in automatic adjustment of wages or the dearness allowance component of the wages.
7. Conclusion We are explaining annual movement in general price levels in India. Table summarizes the Data and the chart shows the trends in prices. CPI data are reported for Industrial Workers. Table shows the movement in prices between 1993-94 and 1998-99. Though the annual percentage change varies across different indices, the direction of change is similar. The Weekly wages are increasing but Real Wages are Decreasing.
