What does this table show?Table 1: Picture 1 | Table 1. Frequency of consumer price changesCPI excluding promotions: it is a measure of average prices that excludes goods that are subjected to sometemporary discount or promotion;Price reversals: they refer to situations where, following a rise or fall in any given price, the subsequent change is an Price measureMonthly Consumer Price Index(CPI) microdataCPI goodsCPI servicesSample1996-20061996-20061996-2006CPI excluding promotionsWeekly supermarket data1996-2006February 2005-February 2008February 2005-February 2008Excluding fresh products and February 2005-February 2008price reversalsExcluding fresh productsPercentage ofprices changing19% a month24% a month9% a month15% a month60% a week40% a week27% a weekImplied durationbetween price changes5.3 months4.2 months11.1 months6.7 months1.7 weeks2.5 weeks3.7 weeksNotes. Monthly CPI microdata are locally-collected data only. All figures are weighted by sales values.Sources. CPI and Nielsen microdata.

Inflation is the amount that a collection of products and services have increased in price during a…

Price measure Monthly Consumer Price Index (CPI) microdata CPI goods CPI services 1996-2006 1996-2006 1996-2006 February 2005-February 2008 February 2005-February 2008 Excluding fresh products and February 2005-February 2008 price reversals Excluding fresh products Sample 1996-2006 CPI excluding promotions Weekly supermarket data Percentage of prices changing 19% a month 24% a month 9% a month 15% a month 60% a week 40% a week 27% a week Implied duration between price changes 5.3 months 4.2 months 11.1 months 6.7 months 1.7 weeks 2.5 weeks 3.7 weeks Notes. Monthly CPI microdata are locally-collected data only. All figures are weighted by sales values. Sources, CPI and Nielsen microdata.

Price measure Monthly Consumer Price Index (CPI) microdata CPI goods CPI services 1996-2006 1996-2006 1996-2006 February 2005-February 2008 February 2005-February 2008 Excluding fresh products and February 2005-February 2008 price reversals Excluding fresh products Sample 1996-2006 CPI excluding promotions Weekly supermarket data Percentage of prices changing 19% a month 24% a month 9% a month 15% a month 60% a week 40% a week 27% a week Implied duration between price changes 5.3 months 4.2 months 11.1 months 6.7 months 1.7 weeks 2.5 weeks 3.7 weeks Notes. Monthly CPI microdata are locally-collected data only. All figures are weighted by sales values. Sources, CPI and Nielsen microdata.

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter5: Buying The Necessities

Section: Chapter Questions

Problem 20AA

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