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Office of Survey Methods Research
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Published Year: 2024
Survey/Program(s): Consumer Price Index for all urban consumers (CPI-U)
Catalog: Statistical Survey Paper
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Time Series Analysis of Consumer Price Index Products and Weights
Abstract
Weight is one of the main components in the CPI formula. The CPI program revises fixed quantity weights on an annual basis presently. Using graphical displays and correlation analysis, we explore the relationship of CPI series whose weights are from different reference periods, and the relationship among the weights. Our focus is to analyze the seasonal components of CPI series. The initial investigation was through frequency analyses using Discrete Fourier Transform. We further investigate various aspects of CPI series including trend, changes in rates, break point, and outliers.