Method of measuring inflation for the consumer price index

Details Method of measuring inflation for the consumer price index Method of measuring inflation for the consumer price index

G - Physics

06

Q

G06Q 40/00 (2012.01)

Patent

CA 2380584

A method of measuring a more accurate rate of inflation is provided. The method consists of first creating a necessities index by selecting a plurality of household expenditures whose price changes are to be measured over the time period. The plurality of household expenditures must include only those expenditures which are subject to time constraints. The necessity index will be restricted to household expenditures for food, transportation, shelter, clothing, footwear and hygiene products. The rate of inflation can thin be derived by measuring the rate of inflation of the necessities index. The method can be rendered more accurate by excluding from the necessities index any expenditure which is of a luxurious nature. The method can be further refined by including into the necessities index household expenditures which are made by a great majority (approximately 95%) of households.

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