Abstract
Although the methodology behind the measurement of the general level of prices contains many technical and complex elements, there is one aspect that is easier to understand and is of particular interest to the general public—the basket of goods and services . The construction of a representative basket is a vital element of the process of measuring consumer price inflation.
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Notes
- 1.
See, for example, http://www.bbc.co.uk/news/business-35810466 (accessed 3 June 2017).
- 2.
In fact, this would present considerable problems for the statistician as will be explored in Chap. 15.
- 3.
The basket was unchanged between 1952 and 1956.
References
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O’Neill, R., Ralph, J., A. Smith, P. (2017). What’s in the Basket?. In: Inflation. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-319-64125-6_7
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DOI: https://doi.org/10.1007/978-3-319-64125-6_7
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