Track inflation the better way...BPP

[awake]

The Billion Prices Project. (http://bpp.mit.edu/daily-price-indexes/)

Bye bye CPI ...

[Zippyjuan]

I was reading their methodology- they scan the web for prices, which may vary from those seen in retail stores.

The CPI collects data from 23,000 retail and service establishments and rents are taken from 50,000 sources. http://www.bls.gov/cpi/cpiovrvw.htm#item2 and they track about 80,000 items. http://www.bls.gov/cpi/cpifact2.htm

Looking at the chart for the United States at the link, the numbers seem to be pretty close to the CPI index.

[DamianTV]

Funny how they always exclude FUEL and UTILITIES from the COST OF LIVING. What do they price inflation on? Penny Candy?

[Zippyjuan]

There are more than one CPI indexes- one with and one without energy and food prices- they report both. I can't say about this new index.

If you would like to see what their press release looks like (not just the number you see in the newspapers) here is the most recent one:
http://www.bls.gov/news.release/cpi.nr0.htm

Transmission of material in this release is embargoed until
8:30 a.m. (EST) Wednesday, December 15, 2010 USDL-10-1726

Technical information: (202) 691-7000 Reed.Steve@bls.gov www.bls.gov/cpi
Media Contact: (202) 691-5902 PressOffice@bls.gov


Consumer Price Index - November 2010

The Consumer Price Index for All Urban Consumers (CPI-U) increased
0.1 percent in November on a seasonally adjusted basis, the U.S.
Bureau of Labor Statistics reported today. Over the last 12 months,
the all items index increased 1.1 percent before seasonal adjustment.

The indexes for food, energy, and all items less food and energy all
increased slightly in November. The index for food at home rose in
November after being unchanged in October, with the indexes for eggs
and nonalcoholic beverages both rising notably. Although the index
for gasoline rose, the index for household energy declined and the
increase in the energy index was the smallest in five months.

The index for all items less food and energy rose in November after
being unchanged the previous three months. Increases in the indexes
for shelter and airline fares accounted for most of the rise, while
the indexes for new vehicles, used cars and trucks, and household
furnishings and operations all declined.

Over the last 12 months, the index for all items less food and energy
has risen 0.8 percent. The energy index has risen 3.9 percent over
that span with the gasoline index up 7.3 percent but the household
energy index down 0.2 percent. The food index has risen 1.5 percent,
with the food at home index up 1.7 percent.



More info and tables at the link.

[DamianTV]

The graphs dont show up for me...

[awake]

Select a country in the drop down selection box. Then click show.