The CNSTAT report Modernizing the Consumer Price Index for the 21st Century was published May 3, 2022.
Throughout the history of the CPI, there has been debate about the concepts the CPI should measure and whether it might overstate or understate changes in consumer living costs. The CPI has undergone methodological changes both in response to these discussions and to reflect the changing economic environment.
We continue to work on improvements in response to these developments and recently sponsored a National Academy of Sciences, Committee on National Statistics (CNSTAT) panel to investigate three key methodological issues for the CPI:
Note: These are subject to change as the statement of work is updated.
CNSTAT will convene an expert panel and hold a workshop. Both the panel kickoff and the workshop will be open to the public and will be announced in advance on the BLS website. The panel will then spend about a year in internal discussions and preparing a written report for our consideration.
Additional information is available in the Commissioner’s Corner blog Improving the Accuracy of the Consumer Price Index.
Last Modified Date: May 4, 2022