Statjstjcal Instjtute of Jamaica
Statjstjcal Instjtute of Jamaica Gross Domestjc Product Q1 2020
Statjstjcal Instjtute of Jamaica
Statjstjcal Instjtute of Jamaica
Statjstjcal Instjtute of Jamaica T HE R EVISED C ONSUMER P RICE I NDEX (CPI)
Introductjon Statjstjcal Instjtute of Jamaica To identjfy new commoditjes that have entered the market, Why Revise the Account for quality changes in products, and CPI To capture changes in expenditure patuerns on goods and services Price Reference Period January to December 2019 Weights This new series of Consumer Price Indices (CPI) was compiled Reference Period using data obtained from the 2017 Household Expenditure Household The CPI refmects the expenditure patuerns of low to middle Expenditure income households, representjng quintjles one (1) to four (4) July 2020 The Revised Consumer Price Index (CPI) 6
COICOP 2018 B ROAD E XPENDITURE D IVISIONS Statjstjcal Instjtute of Jamaica Food and Non-Alcoholic Beverages Alcoholic Beverages, Tobacco and Narcotjcs Clothing and Footwear Housing, Water, Electricity, Gas and Other Fuels Furnishings, Household Equipment and Routjne Household Maintenance Health July 2020 The Revised Consumer Price Index (CPI) 7
COICOP 2018 B ROAD E XPENDITURE D IVISIONS CONTINUED Statjstjcal Instjtute of Jamaica Transport Informatjon and Communicatjon Recreatjon, Sport and Culture Educatjon Services Restaurants and Accommodatjon Services Insurance and Finance Services Personal Care, Social Protectjon and Miscellaneous Goods and Services July 2020 The Revised Consumer Price Index (CPI) 8
Statjstjcal Instjtute of Jamaica Statjstjcal Instjtute of Jamaica • The most recent Household Expenditure Survey (HES) was conducted by STATIN in twelve (12) Household monthly surveys during 2017. • This survey was carried out in all 14 Expenditure parishes and forms the basis of the revision of the newly launched CPI. Survey 2017 • The target populatjon for the 2017 HES consisted of individuals living in private dwelling units at the tjme of the survey who are usual residents of Jamaica. July 2020 The Revised Consumer Price Index (CPI) 9
Household Expenditure Survey 2017 (cont’d) Statjstjcal Instjtute of Jamaica • The HES asked persons about what they purchased, how ofuen , the amount spent on difgerent goods and services and where they purchased these goods and services. • Items included: • Food & Non-Alcoholic Beverages • Alcoholic Beverages • Sportjng Actjvitjes • Entertainment • Personal grooming • Baby items • Other Goods and Services July 2020 The Revised Consumer Price Index (CPI) 10
Process Flow: HES to CPI Statjstjcal Instjtute of Jamaica Derive the Infmatjon Rate Compute the CPI • The change in the index number • Calculate a series of between two tjme index numbers Undertake CPI periods Monthly Price Determine Surveys CPI Basket of • Most prices for CPI Administer Goods and items are collected monthly. Price Household Services movements Expenditure monitored closely. • A comprehensive list Survey of consumer goods and services • Determine the CPI associated with basket specifjc quantjtjes • Determine weights of items • Determine Outlets July 2020 The Revised Consumer Price Index (CPI) 11
Selectjon of items for the basket Statjstjcal Instjtute of Jamaica Statjstjcal Instjtute of Jamaica • Main criteria used for inclusion in the new basket: • The level of expenditure on an item. • The feasibility of obtaining accurate and reliable prices. • Items with an expenditure weight of 0.5 per cent or higher. • If only one item is in a group, it was selected regardless of its weight. • If the expenditure on a commodity was not signifjcant for inclusion in the basket, this was re-distributed proportjonately among the other commoditjes in the related sub-group. The Revised Consumer Price Index (CPI) July 2020 12
Number of Commoditjes Statjstjcal Instjtute of Jamaica 300+ 300+ commoditjes commoditjes July 2020 The Revised Consumer Price Index (CPI) 13
Selectjon of Outlets Statjstjcal Instjtute of Jamaica Statjstjcal Instjtute of Jamaica • The outlets for the CPI were selected using data from the HES, as well as informatjon from administratjve sources, and expert interviews. • The CPI outlets are primarily located in commercial districts across Jamaica, where the majority of householders shop. The Revised Consumer Price Index (CPI) July 2020 14
Price Collectjon Statjstjcal Instjtute of Jamaica • Prices are collected for most items monthly from outlets such as: grocery stores, markets, clothing and footwear stores, furniture and appliance shops, garages, doctors, dentjsts, schools, insurance companies and beauty and barber salons. • Data collectjon is done twice monthly for items with volatjle price movements such as petroleum and agricultural products. • Prices are collected quarterly and annually for items such as school fees. July 2020 The Revised Consumer Price Index (CPI) 15
Price Collectjon (cont’d) Statjstjcal Instjtute of Jamaica Statjstjcal Instjtute of Jamaica • Price data for labour rates, telephone and electricity charges, and educatjon and hospital fees are collected from the appropriate authoritjes. • In total, over 30,000 individual price quotatjons are collected each month to compile the CPI. July 2020 The Revised Consumer Price Index (CPI) 16
Weights of items for the basket Statjstjcal Instjtute of Jamaica Statjstjcal Instjtute of Jamaica Each item in the basket is assigned a weight which determines the relatjve importance of the item. Each item in the basket is assigned a The weight assigned weight which to each division is the determines the percentage share of relatjve importance of its expenditure to the item. total expenditure. July 2020 The Revised Consumer Price Index (CPI) 17
New CPI Weights Personal Care, Social Protectjon & Insurance & Financial Services Miscellaneous Goods & Services Statjstjcal Instjtute of Jamaica Restaurants & Accommodatjon Services CURRENT WEIGHTS Educatjon Services 5% 1.1% 6.7% Recreatjon, Sport & Culture Food & Non-Alcoholic Beverages 8.4% 2.4% 6.2% 5% 35.8% 3.4% 37.5% 2.1% 4.6% 4% Informatjon & Communicatjon 12.8% 1.4% 11.2% 3.3% Transport 3.3% 4.9% 12.8% 1.5% 2.6% 2.5% PREVIOUS WEIGHTS 3.8% Alcoholic Beverages, Tobacco & Narcotjcs 17.8% Health Clothing & Footwear Furnishings, Household Equipment & Routjne Household Maintenance Housing, Water, Electricity, Gas & Other Fuels July 2020 The Revised Consumer Price Index (CPI) 18
Statjstjcal Instjtute of Jamaica
Statjstjcal Instjtute of Jamaica
Statjstjcal Instjtute of Jamaica
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