Titlebook: Inflation; History and Measurem Robert O‘Neill,Jeff Ralph,Paul A. Smith Book 2017 The Editor(s) (if applicable) and The Author(s) 2017 Econ

曲解

,The Origins of Inflation Measurement: 1700–1879,have taken the period 1700–1879 as a useful division of time to cover for this early history. This chapter cdescribes the early developments which laid the foundations for the official development of inflation measurement.

持久

Expediency

The Development of the Cost of Living Index: 1880 to 1946,ors in the nineteenth century, as Chap. 3 described. However, it wasn’t until 1914 that this was achieved in the UK, and then, only in an imperfect form. This chapter describes the developments that took place to establish the data needed for an index of retail prices—household budget shares and the

LUCY

,The Development of the Retail Prices Index: 1947–1989,nt from a limited measure, with index households restricted to working-class families, a limited range of goods and services in the basket and utilising weights which were decades out of date, to a modern measure that we would recognise today.

Inclement

,What’s in the Basket?,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.

LAVA

Lipohypertrophy

沉默

,From the RPI to the CPI: 1990–2011,surement of inflation statistics. A number of these developments have had long-lasting consequences for the statistics considered in this volume. This period also includes the development of a formal inflation targeting regime in the UK, with the target specified in terms of annual changes in the Re

有杂色

Living-Will

What Should We Be Measuring?,sed in the production of inflation figures by the ONS. In this chapter, we stand back from the stream of these issues to consider what we measure when we estimate inflation and how it relates to the economic theory of what inflation is. We will firstly consider the main choice between the type of in