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April 1985, Vol. 108, No. 4
Revision of Consumer Price Index
is now under way
The Bureau of Labor Statistics is in the midst of a 5-year program to update and improve the Consumer Price Index (CPI). The resulting changes will be introduced in the January 1987 indexes. The 1987 revision will use the Consumer Expenditure Survey data from 1982-84 and population distributions from the 1980 census to update the CPI market basket. A greatly enhanced housing survey is being developed that will improve the rental equivalence measure of homeowner costs recently introduced in the CPI. Many of the sampling advances introduced in the 1978 revision will be refined for 1987 and other methodological enhancements will be made.
This article explains why periodic CPI revisions are needed, briefly reviews previous revisions, and describes the current revision plans.
This excerpt is from an article published in the April 1985 issue of the Monthly Labor Review. The full text of the article is available in Adobe Acrobat's Portable Document Format (PDF). See How to view a PDF file for more information.
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Consumer Price Index
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