Background Paper 11 1995-96
Easy Guide to Measuring Inflation
Stephen Barber
Statistics Group
Acronyms
Major Issues
Introduction
1. Price Indexes
1.1 Fixed weighted
1.2 Current weighted
2. Implicit Price Deflators
3. Consumer Price Index
3.1 Headline rate
3.2 Underlying rate
4. National Accounts Measures
4.1 Implicit price deflators
4.2 Fixed weighted indexes
5. Other Price Indexes
5.1 ABS price indexes
5.1.1 Producer price indexes
5.1.2 Foreign trade price indexes
5.1.3 House price indexes
5.2 Non ABS price indexes
5.2.1 RBA Commodity price index
5.2.2 ABARE Prices received and paid by farmers price indexes
6. Calculations Using Price Indexes
6.1 Percentage change
6.2 Compounding effect
6.3 Price index manipulations
6.4 Real changes
7. Which Measure of Inflation ?
8. Appendix 1 - Fixed Weighted Price Index: formula
and calculation
9. Appendix 2 - Current Weighted Price Index: formula
and calculation
10. Appendix 3 - Consumer Price Index: Headline and
Underlying Measures
11. Appendix 4 - Implicit Price Deflators: PFCE,
DFD, GNFP and GDP
12. Appendix 5 - Fixed Weighted Indexes: PFCE, DFD,
GDP
13. Endnotes
14. References
- ABARE
- Australian Bureau of Agricultural and Resource Economics
- ABS
- Australian Bureau of Statistics
- CPI
- Consumer Price Index
- DFD
- Domestic final demand
- FWI
- Fixed weighted index
- GDP
- Gross domestic product
- GNFP
- Gross non-farm product
- HES
- Household Expenditure Survey
- IPD
- Implicit price deflator
- PFCE
- Private final consumption expenditure
-
RBA
- Reserve Bank of Australia
Inflation simply is an increase in prices and the measure of inflation
is the inflation rate -which is the percentage increase in the level of
prices. Since there is an extremely large number of items that have prices
there is an equal number of possible inflation rates.
Price indexes were devised to calculate inflation rates for the general
level of prices by combining numbers of items into a single measure. There
are two types of price indexes: fixed weighted and current weighted.
The most well known of price indexes is the Consumer Price Index, which
combines the items (or goods and services) that particular types of households
purchase. The Consumer Price Index is a fixed weighted index.
Two main inflation measures are derived from the Consumer Price Index.
These are the headline rate and the underlying rate.
There is another measure of inflation - known as an implicit price deflator
- that is derived as a by-product of the national accounting process.
Although it is not calculated directly, as are price indexes, it mathematically
resembles a current weighted price index.
In doing any analysis work where inflation has to be taken into account
it is very important to use the most appropriate measure of inflation.
Identifying the scope and coverage of a price index or implicit price
deflator will help in this regard.
Everybody has heard of inflation and many think they have an idea of
what it is. But what exactly is inflation? Inflation, or more correctly,
the 'inflation rate', is one of the more important macroeconomic variables
used to evaluate how the economy is performing and how people within the
economy are being affected.
Inflation is generally accepted as meaning an increase in the general
level of prices and it is expressed as a rate of increase in prices
in percentage terms. However, before using an inflation rate there are
fundamental questions that need to be considered. These are:
- what prices are being measured
- how are prices combined to calculate an inflation rate
- whom do these changes in prices affect?
This paper aims to answer these questions, describe the various measures
of inflation that are available and help the reader calculate and use
an inflation rate that is applicable to their particular analysis.
The Consumer Price Index is one of the most commonly used measures of
inflation so it will be looked at along with various other measures that
are available from the Australian National Accounts and other sources.
Firstly, however, price indexes in general will be explained.
The measurement of inflation relies on being able to calculate general
or representative price levels at different time periods. The percentage
change between any two of these price levels is the rate of inflation.
Price indexes were devised to provide a measure of these price levels.
Firstly, a representative regimen (or basket) of goods and services is
produced whose price movements will reflect the required inflation rate.
Weights are calculated for each of the goods and services determined by
the relative importance, or the quantities used, of the goods and services
within the regimen. The price index is then produced by combining the
prices with the weights, or quantities, of these goods and services. The
goods and services priced must be the same from time period to time period
so that price change alone is measured, for example, changes in price
produced by changes in quality must not be allowed to distort the price
index.
Price indexes are calculated from a base period, usually expressed as
100.0 or 1000, so direct comparison can be made between any time period
and the base period. However, comparisons can also be made between any
other time periods. The use of price indexes in the calculation of inflation
will be discussed in a later section.
There are two main types of price indexes:
- fixed weighted
- current weighted.
1.1 Fixed Weighted
The weights for each item in the regimen are determined
at the beginning, or base period, of the index and are kept constant for
the life of the index. These indexes, known as Laspeyres price indexes
(after Etienne Laspeyres the 19th century German economist who proposed
them), are the most commonly used indexes and are used in all price indexes
published by the Australian Bureau of Statistics (ABS). [Their mathematical
formula and an example of how a price index is calculated using the formula
are shown in Appendix 1.]
These price indexes can be thought of as measuring the change in the
cost of purchasing an identical basket of goods and services in each of
the periods. The prices are adjusted for any quality changes that may
have occurred in any of the selected goods and services so the index represents
pure price change.
The Consumer Price Index (CPI) is the most well known of the fixed weighted
price indexes but there are also fixed weighted price indexes published
with the National Accounts.
Fixed weighted price index series usually have their baskets of goods
and services reviewed and updated at regular intervals. Changes in weightings
and types of goods and services are introduced so the representativeness
of the basket is maintained and the price index series does not become
obsolete as time goes on. Information for an overlap period, using both
the old and new baskets of goods and services, is calculated so that the
change over from the old to the new basket does not of itself result in
any price change. Each reviewing process produces a new time series of
price index numbers that is linked to earlier series to form a long-term
price index series.
The price changes between links (ie for a series) are pure price changes,
however, price changes across links (ie between linked series) are strictly
speaking not pure price changes because different regimens are being compared.
Comparisons are able to be made since no distortions have been introduced
in the long-term price index series by the linking process.
The unchanging basket of goods, between reviews, is sometimes seen as
a shortcoming in using this type of price index and is the reason why
series such as the CPI are not 'cost-of-living' indexes. For example,
when the price of an item, say butter, rises relatively more quickly than
a similar item, say margarine, then there may be a 'substitution effect'
away from butter to margarine. Consumers may buy margarine in preference
to butter and in doing so change the weightings of these items within
their regimen. This means that if price relativities change and if substitutions
occur a fixed weighted index will, in times of rapidly increasing prices,
over-estimate the rise in the 'cost-of-living'. Conversely, when prices
are decreasing rapidly then a fixed weighted index may under-estimate
the general fall in the 'cost-of-living'.
1.2 Current weighted
Current weighted indexes, also called Paasche indexes (after
Hermann Paasche the 19th century German economist who proposed them),
are calculated using changing weights for the items in the regimen. They
differ from fixed weighted indexes because the weights of the most current
period, rather than the base period, are used. [Their mathematical formula
and an example of how a price index is calculated using the formula are
shown in Appendix 2.]
Because the weights are recalculated for the current period only and
the current value for the index only relates to the base period then strictly
speaking comparisons for any period can only be made with the base period
and not with any other periods.
This continual revising of the weights also means that a Paasche price
index is more impractical to produce than a Laspeyres price index. Therefore,
indexes of this type are not commonly compiled for their own sake.
However, there is a special type of current weighted price index, known
as an implicit price deflator, which is available within the Australian
National Accounts, produced by the ABS.
As the name suggests, the implicit price deflator (IPD) is not calculated
directly but is derived as a by-product of other price estimates - National
Accounts price estimates.
On the expenditure side of the National Accounts there are two estimates
of each of the components that make up gross domestic product. These are
the current and constant price estimates. In its simplest form, a current
price estimate is an estimate of the actual value. It is the price that
is actually paid for an economic variable multiplied by the quantity of
that variable that is produced or consumed. A constant price estimate
is a current price estimate revalued using the prices of a base period.
The constant price estimate is also known as the real estimate because
the inflation effect has been removed.
The current and constant price estimates are calculated directly from
available data and the IPD is then calculated by dividing the current
price estimate by the constant price estimate for the same period. The
ABS calculates quarterly IPDs from seasonally adjusted current and constant
price estimates. The resulting IPD value at the base period is usually
expressed as 100.0 or 1000 (since the current and constant price values
are identical for the base period) and all subsequent values are expressed
in the same magnitude. Therefore, an IPD value of 110.0 for a particular
period means that prices in that period are 10% higher than the base period.
IPDs have a similar appearance to price indexes and are used in exactly
the same manner to provide information on price movements - and therefore
inflation - over time. Because of the way they are derived, IPDs have
the same formula as a Paasche, or current weighted, price index. IPDs
are also subject to revisions, as revisions are made to the current and/or
constant price series when more detailed information becomes available.
The Consumer Price Index (CPI) is the most well known of the price indexes
and is, rightly or wrongly, probably the most commonly used statistic
in the calculation of inflation.
The movements in the CPI are used in the 'indexation' of:
- various social welfare benefits provided by the government, eg basic
family payments
- government excise duties, eg on beer, cigarettes and petrol
- business contracts of various types, eg building contracts and rental
agreements.
(Indexation is the process whereby payments are increased so their value
keeps pace with inflation.)
The CPI was a major influence in the national wage determination cases
over many years and is still a relevant consideration in wage negotiations.
The CPI is a Laspeyres, or fixed weighted, index that relates to household
expenditure on retail goods and services and other items such as housing
and consumer credit charges. The representative households are located
in capital cites with the members of the household being employees who
obtain at least 75% of their income from wages and salaries. The top 10%
of households based on income are excluded.
The CPI representative households account for about 60% of the population
of the eight capital cities and more than one third of the population
of Australia. The amount of the population that is accounted for by any
index is called the scope of the index.
Expenditure patterns are determined for these households predominantly
from the Household Expenditure Survey (HES) that is run approximately
every 5 years by the ABS. From the HES a basket (or regimen) of typical
goods and services is determined and each item within the basket is given
a weighting dependent upon its relative importance in the expenditure
patterns of the households.
These weights remain fixed for the life of the index, usually about
5 years, until the results of the next HES can be incorporated into the
CPI and a new series can be produced. The CPI, therefore, is not one distinct
series but rather a chain of index series linked together in such a way
that the linking reflects price changes only - the differences in the
prices of the old and new baskets have no effect on the index series.
The current CPI is the twelfth series that has been linked to form a continuous
series from the September quarter 1948.
Each quarter around 100,000 price quotations are collected to calculate
the CPI. These are sorted into the 8 expenditure groups (food; clothing;
housing; household equipment and operation; transportation; tobacco and
alcoholic drinks; health and personal care; and recreation and education)
which make up the basket of goods and services that are purchased by the
capital city employee households. These expenditure groups and the items
that are priced are known as the coverage of the index.
The 8 expenditure groups for each of the capital cities are combined
into the All Groups, weighted average of the eight capital cities
index and this index is what is generally referred to as the CPI.
The CPI provides two measures of inflation which gain most attention
and have widespread use. These are the:
- headline rate
- underlying rate.
3.1 Headline rate
The headline rate of inflation is the percentage movement in the All
Groups, weighted average of the eight capital cities index.
3.2 Underlying rate
Economic analysts and policy makers, such as those at the Treasury and
the Reserve Bank of Australia (RBA), think that the headline rate of inflation
is not necessarily indicative of the inflationary pressures being experienced
by the economy as a whole. They do not consider that a number of the regimen
items used in the calculation of the headline rate are appropriate for
economic analysis because they are subject to one-off increases or shocks
that are determined by temporary influences or government decisions.
Temporary influences include interest rate changes affecting home mortgages
and consumer credit; adverse climatic conditions affecting the prices
of food products; seasonal variations affecting such items as clothing
and holidays; and any other items subject to volatile price movements.
Government decisions take the form of: Federal government increases in
excise on products such as petrol, tobacco and alcohol; State and Territory
government price increases on such items as dwelling rents, public transport
fares, electricity and gas; and increases in local government rates and
charges.
There is no one correct measure of underlying inflation and any measure
can be constructed as long as it is not affected by the various influences
mentioned in the preceding paragraph. The Treasury and the RBA have each
had their own, very similar, measure of underlying inflation derived from
the CPI. However, the Treasury's measure has been adopted as the official
measure and is now published in both the ABS CPI publication and the RBA
Bulletin.
After exclusion of the items that are subject to these one-off increases
or shocks, the Treasury underlying price index series, from which the
underlying rate is calculated, comprises just over 50 per cent of the
All Groups regimen.
Over short periods, the underlying rate and the headline rate can diverge
quite significantly because the headline rate is reacting to many price
movements including the one-off changes and the volatile changes. Decision
makers in the private and public sectors need to be able to sort out the
inflationary trends or pressures which may be hidden by these erratic
price movements.
Figures 1 and 2 compare the 'quarter-to-quarter' and 'annual' percentage
changes respectively in the underlying and headline rates of inflation.
The underlying rate has a smoother trend and, therefore, is more useful
to base inflation expectations on than the more variable headline rate.
As can also be seen from the figures the underlying rate is not always
less than the headline rate and exhibits similar trend movements to the
headline rate over the longer term.
As has been seen with the underlying rate, the CPI can be manipulated
to produce other measures of inflation with different characteristics.
These other measures usually have very specific uses and will not be discussed
here, but examples can be found in either the ABS CPI publication or in
the RBA Bulletin.
4.1 Implicit price deflators
As has already been discussed, the ABS includes within its National
Accounts publications implicit price deflators (IPDs). Also, it has been
discussed how these deflators are calculated and how they are identical
to Paasche price indexes. Because IPDs are directly calculated from the
current and constant price time series they are available for the entire
time span of the current and constant price series.
Within the National Accounts there are many IPDs and they each refer
to a different sector of the economy. The main deflators are for the following
National Accounts aggregates, or sectors of the economy, and the following
list shows how they are related:
Private final consumption expenditure
+
Government final consumption expenditure
+
Private gross fixed capital expenditure
+
Public gross fixed capital expenditure
=
Domestic final demand (DFD)
+
Increase in stocks
=
Gross national expenditure (GNE)
+
Exports of goods and services
-
Imports of goods and services
=
Gross domestic product (GDP)
The coverage of private final consumption expenditure approximates that
of the CPI, but the weights differ markedly for some components such as
housing. Private final consumption expenditure, however, has a wider scope
than the CPI as it covers all consumption expenditure and not just that
of capital city households. As its name implies, DFD is all 'final'(1)
expenditures in Australia and in this sense the IPD for DFD provides an
economy-wide measure of inflation. The IPD for GDP provides a measure
of inflation for Australian production.
4.2 Fixed weighted indexes
In 1988 the ABS, in recognising that IPDs do not measure pure price
changes, introduced fixed weighted indexes (FWIs) for the above aggregates
in its publication. The one drawback with these fixed weighted indexes
is that they have only been calculated from the September quarter 1984
so any long term analyses are not possible using them.
The CPI and the National Accounts deflators and indexes are only a subset
of the price indexes that are available. These quarterly deflators and
indexes are broad indexes or deflators because they cover large sectors
of the economy. There are many other price indexes that are more specific.
Below are some of the major ones.
5.1 ABS price indexes
The ABS publishes the majority of the other indexes available. These
indexes cover:
- producer prices
- foreign trade prices
- house prices.
5.1.1 Producer price indexes
These monthly fixed weighted indexes measure the prices of goods produced
and used by certain industries. The three main sectors of the economy
and the areas within them that are covered are:
- building industry:
- materials used in:
- house building
- other than house building
- manufacturing industry:
- materials used
- articles produced
Many of the above price indexes are used primarily by the government
and private sectors for adjusting business contracts and for economic
analysis.
5.1.2 Foreign trade price indexes
There are two main fixed weighted foreign trade price indexes:
- export price index
- import price index
These monthly indexes measure changes in the prices of merchandise shipped
from (exported) and shipped into (imported) Australia. These indexes are
used for economic analysis; the adjustment of business contracts; and
for input into the calculation of constant price estimates for the National
Accounts.
5.1.3 House price indexes
These quarterly fixed weighted price indexes provide information on
changes in house prices, both established and new, for each capital city
and for the weighted average of the capital cities. The series are specifically
designed as inputs into the CPI and, therefore, only represent those houses
likely to be purchased by capital city wage and salary earner households.
5.2 Non ABS price indexes
There are quite a few other price indexes that are produced by other,
particularly government, agencies. Some of these indexes are:
- RBA Commodity price index
- Australian Bureau of Agricultural and Resource Economics (ABARE) Prices
received and paid by farmers.
5.2.1 RBA Commodity price index
This Paasche type index is a monthly indicator of the prices received
by Australian commodity exporters. A Paasche or current weighted index
is used so that changes in the composition of exports can be allowed for.
The index is based on the prices of 17 major commodities exported by Australia.
These commodities account for about 75% of total commodity exports. The
index is published in the RBA Bulletin and is broken down into rural and
non-rural components and expressed for US and Australian dollars and Special
Drawing Rights (SDRs). This index is used by the government and private
enterprise to forecast Australia's export earnings and economic prospects.
5.2.2 ABARE Prices received and paid by farmers price indexes
These Laspeyres type indexes are published quarterly and are used by
the Government in formulating economic policy regarding primary producers
and their products in regard to marketing, subsidies guaranteed prices,
and trade policy. They are indicators of the changes in the prices received
by farmers for the goods that they produce and in the prices paid for
the goods and services that are inputs into the production of farm commodities.
As they are fixed weighted indexes they do not measure changes in farmers'
gross incomes and costs but rather changes in unit prices - no allowance
is made for the changing quantities of products sold or inputs used.
The indexes are used for two main purposes. Firstly, the index for prices
paid is an indicator of the general level of farm inflation, the same
way that the CPI reflects the general level of inflation for capital city
households. Secondly, the ratio of the index of prices received to the
index for prices paid produces the farmers' terms of trade. An increase
in the farmers' terms of trade indicates that average levels of prices
received have increased faster than the average level of prices paid and
so implies an improvement in the farmers' situation. A decrease in the
farmers' terms of trade implies a worsening situation.
Calculating the rate of inflation is easily done using price indexes.
As has already been mentioned, a price index is used so that many different
items can be combined into a single measure to give indications of general
price movements. The first step is to identify which price index should
be used (more about this a little later) as erroneous conclusions could
be arrived at if an inappropriate index is used.
6.1 Percentage change
For the following example the CPI (All Groups, weighted average of the
eight capital cities) has been decided to be the most relevant price index.
Table 1 gives the index numbers since the September quarter 1989.
An index number by itself has very little meaning, apart from its relationship
to the base period, but when it is compared to the other index numbers
of the same series then meaningful information can be extracted. Usually,
any information extracted from index numbers is in the form of percentage
changes and these are calculated using the general formula:
The resulting percentage changes are usually only calculated to one
decimal place. This is because index numbers are usually published rounded
to one decimal place. To calculate a percentage change to more than one
decimal place from such an index number would imply a level of accuracy
that is not correct.
Using the data from the above table and formula, the quarterly
inflation rate for the December quarter 1995 is:
(118.5 - 117.6)/117.6 x 100 = 0.8%
which is the percentage change between the September and December quarters
1995.
Alternatively, the annual(2) inflation rate for the December
quarter 1995 is:
(118.5 - 112.8)/112.8 x 100 = 5.1%
which is the percentage change between the December quarters 1994 and
1995.
In general, the formula can be used to calculate the percentage price
change between any two quarters.
6.2 Compounding effect
One important point to make here is that the percentage change between
any two non-consecutive quarters is not the addition of the intervening
percentage changes because, when adding, no allowance is made for the
effect of compounding.
To illustrate, the four quarterly changes between December quarter 1989
and December quarter 1990 are 1.7%, 1.6%, 0.8% and 2.6%, which add up
to 6.7%. The actual percentage change between the December quarters 1989
and 1990 is 6.9%. [This is calculated either from the percentage changes
converted to decimals (1.017 x 1.016 x 1.008 x 1.026 = 1.069 which is
then multiplied by 100 to express as a percentage, so 106.9 x 100 = 106.9
or a 6.9% increase) or by using the quarterly index numbers for Decembers
1989 and 1990 to directly calculate the percentage change.]
In cases of low inflation rates the differences will be quite small,
however, as inflation increases so does the size of the difference and
therefore the size of the error.
Similarly, an annual inflation rate cannot be calculated by multiplying
a monthly inflation rate by 12 or a quarterly rate by 4. Again, in both
these cases no account is made for the compounding effect. For example
a quarterly percentage change of 6% when annualised is 26.2% not 24% (ie
1.06 x 1.06 x 1.06 x 1.06 = (1.06)4 = 1.262 x 100 = 126.2).
Also, the above method can be reversed to calculate average percentage
changes per period given the total percentage change. Using the above
numbers, with the total percentage change over four quarters of 26.2%,
then the average percentage change is not 26.2%/4 which equals
6.6% but is the fourth root of 1.262, which equals 1.06 or an average
6% increase per quarter.
6.3 Price index manipulations
The above indexes are quarterly but from them an average can be obtained
for any period. Usually, the averages are done to calculate an annual
(calendar or financial year) index. The average (or mean) for the financial
year 1989-90 is:
(97.4 + 99.2 + 100.9 + 102.5)/4 = 100.0
which is to be expected since the current base year for the CPI is 1989-90,
ie 1989-90 = 100.0.
The index number for 1994-95 is:
(111.9 + 112.8 + 114.7 + 116.2)/4 = 113.9
which implies that prices have increased 13.9% over the five years since
(the base period of) 1989-90.
6.4 Real changes
Price indexes are also useful in removing the inflationary effects from
a time series of economic data to produce a real or constant value series.
These real or constant value series are particularly useful in allowing
comparisons to be made over time to see whether situations have improved,
deteriorated or remained static.
For example, Table 2 shows a comparison of the purchasing power of hypothetical
average income levels of households in the financial years of 1989-90,
1991-92 and 1994-95. The actual (also sometimes called nominal) levels
have increased over time but after adjusting for inflation (using the
CPI to convert the income levels to a common base of 1989-90 prices) a
different picture emerges.
The formula for calculating a real value from an actual value using
a price index number is:
As an example, to calculate the real income using the data for 1991-92
from Table 2 the equation becomes:
$1,070/107.3 x 100.0 = $997 (the real value has been rounded to the
nearest dollar).
Table 2: Hypothetical nominal and real average income levels of households
Table 2 shows that between 1989-90 and 1991-92 average income increased
7% but since inflation increased 7.3% the purchasing power of the income
has deteriorated. Despite an increase in actual income of $70 per week
the households were $3 per week worse off in real terms. The average income
again increased 7% in the period 1991-92 to 1994-95 but since inflation
only increased 6.2%, ie (113.9 - 107.3) / 107.3 x 100, the households
improved their real position by $8 per week. In the final analysis, between
1989-90 and 1994-95 average income increased by 14.5% but prices only
increased by 13.9%, therefore, the households had improved their position
in real terms by $5 per week(3).
As already noted there are many price indexes available. The different
indexes vary from each other in three main ways.
Firstly, they vary in their derivation, they are either fixed weighted
or current weighted types of indexes. Fixed weighted price indexes, such
as the CPI, are often preferred because:
- they measure pure price change
- they are not subject to revision as later data become available.
The IPDs derived from the national accounts do not measure pure price
change and are subject to revision each time the current and/or constant
price series are revised.
Secondly, they vary in their coverage of items (regimen). It would not
be appropriate to use the CPI, which relates to the spending patterns
of households, when considering the inflationary effects on the building
industry of changes in the prices of its inputs.
Thirdly, they vary in their scope as they relate to the economy. Scope
may be an important reason why a National Accounts price deflator or price
index is preferred to any sector specific index. The CPI is often used
as the general indicator of inflation within the economy, but the scope
of the CPI may be considered too narrow or restrictive to be used for
economic analysis of the economy as a whole. Here the FWIs (or IPDs) for
the higher aggregates calculated for the National Accounts are probably
more appropriate.
Figures 3 and 4 offer a comparison between the 'quarterly' and 'annual'
inflation rates respectively, calculated from the IPD and FWI for private
final consumption expenditure (PFCE) and the CPI to illustrate the differences
that can arise.
Of the broader measures of inflation, the CPI is used as a general measure
of price changes in the economy and more specifically is used for indexation
purposes to increase social welfare payments (eg pensions and family payments)
and government revenue measures (eg excise rates on alcohol and tobacco
products) and is often used in wage and business contract negotiations.
National Accounts FWIs and IPDs are used more in economic analysis of
the economy as a whole or of large sectors of the economy. IPDs are used
extensively in the Federal Government's budget process. In particular
the IPD for gross non-farm product (GNFP) is used to produce real or constant
price estimates for the many Budget expenditure items.
The IPD for GNFP is often preferred to the IPD for GDP because the volatile
movements in the farm sector often affect the IPD for GDP even though
the farm sector is very small. (see Figures 5 and 6 below). The farm sector,
as measured by gross farm product, has only averaged 2.7% of GDP for each
of the last five years.
Therefore, before using any measure of inflation, it is important to
ask whether it is the measure that best suits the purpose of the analysis
being made. In general, any broad measure of inflation, such as the CPI
or the IPDs for GDP, GNFP or DFD, should give similar values and would
probably be acceptable to be used. However, any detailed analysis really
requires an index or deflator that has the correct scope and coverage
for the intended purpose.
Mathematical formula
Calculation
The following table illustrates the calculation of a fixed weighted
price index for two time periods, the base period and the nth period.
The price indexes (expressed here in units of 100.0) are calculated by
dividing the expenditure in each period by the expenditure of the base
period. The quantities in the base period below are, as would be expected,
different from the period n quantities shown in Appendix 2. (Compare
the index numbers here with those calculated in Appendix 2.)
Mathematical formula
Calculation
The following table illustrates the calculation of a current weighted
price index for two time periods, the base period and the nth period.
The price indexes (expressed here in units of 100.0) are calculated by
dividing the expenditure in each period by the expenditure of the base
period. The quantities in period n below are, as would be expected,
different from the base period quantities shown in Appendix 1. (Compare
the index numbers here with those calculated in Appendix 1.)
Weighted average of eight capital cities
Base year of each index: 1989-90 = 100.0
----------------------------------------------------------------------------------
Headline Rate (All Groups) (Treasury) Underlying Rate
-------------------------- --------------------------
percentage change percentage change
------------------- -------------------
index quarterly annual index quarterly annual
----------------------------------------------------------------------------------
1948-49 6.9
1949-50 7.5 n.a. 8.7
1950-51 8.5 n.a. 13.3
1951-52 10.4 n.a. 22.4
1952-53 11.4 n.a. 9.6
1953-54 11.6 n.a. 1.8
1954-55 11.7 n.a. 0.9
1955-56 12.1 n.a. 3.4
1956-57 12.8 n.a. 5.8
1957-58 13.0 n.a. 1.6
1958-59 13.1 n.a. 0.8
1959-60 13.5 n.a. 3.1
1960-61 14.1 n.a. 4.4
1961-62 14.1 n.a. 0.0
1962-63 14.1 n.a. 0.0
1963-64 14.3 n.a. 1.4
1964-65 14.8 n.a. 3.5
1965-66 15.3 n.a. 3.4
1966-67 15.7 n.a. 2.6
1967-68 16.3 n.a. 3.8
1968-69 16.7 n.a. 2.5
1969-70 17.2 n.a. 3.0
1970-71 18.0 n.a. 4.7
1971-72 19.3 n.a. 7.2 20.8
1972-73 20.4 n.a. 5.7 21.9 n.a. 5.3
1973-74 23.1 n.a. 13.2 24.0 n.a. 9.6
1974-75 26.9 n.a. 16.5 28.9 n.a. 20.4
1975-76 30.4 n.a. 13.0 33.2 n.a. 14.9
1976-77 34.6 n.a. 13.8 36.9 n.a. 11.1
1977-78 37.9 n.a. 9.5 40.4 n.a. 9.5
1978-79 41.0 n.a. 8.2 42.9 n.a. 6.2
1979-80 45.2 n.a. 10.2 46.2 n.a. 7.7
1980-81 49.4 n.a. 9.3 50.6 n.a. 9.5
1981-82 54.6 n.a. 10.5 55.5 n.a. 9.7
1982-83 60.9 n.a. 11.5 61.2 n.a. 10.3
1983-84 65.0 n.a. 6.7 65.4 n.a. 6.9
1984-85 67.8 n.a. 4.3 69.1 n.a. 5.7
1985-86 73.5 n.a. 8.4 75.3 n.a. 9.0
1986-87 80.4 n.a. 9.4 82.3 n.a. 9.3
1987-88 86.3 n.a. 7.3 88.4 n.a. 7.4
1988-89 92.6 n.a. 7.3 94.4 n.a. 6.8
1989-90 100.0 n.a. 8.0 100.0 n.a. 5.9
1990-91 105.3 n.a. 5.3 104.9 n.a. 4.9
1991-92 107.3 n.a. 1.9 108.2 n.a. 3.1
1992-93 108.4 n.a. 1.0 110.4 n.a. 2.0
1993-94 110.4 n.a. 1.8 112.7 n.a. 2.1
1994-95 113.9 n.a. 3.2 115.1 n.a. 2.1
1948-49 Sep 6.7
Dec 6.8 1.5
Mar 7.0 2.9
Jun 7.1 1.4
1949-50 Sep 7.3 2.8 9.0
Dec 7.4 1.4 8.8
Mar 7.5 1.4 7.1
Jun 7.8 4.0 9.9
1950-51 Sep 7.9 1.3 8.2
Dec 8.2 3.8 10.8
Mar 8.6 4.9 14.7
Jun 9.1 5.8 16.7
1951-52 Sep 9.6 5.5 21.5
Dec 10.3 7.3 25.6
Mar 10.6 2.9 23.3
Jun 11.0 3.8 20.9
1952-53 Sep 11.2 1.8 16.7
Dec 11.3 0.9 9.7
Mar 11.4 0.9 7.5
Jun 11.5 0.9 4.5
1953-54 Sep 11.6 0.9 3.6
Dec 11.5 -0.9 1.8
Mar 11.6 0.9 1.8
Jun 11.6 0.0 0.9
1954-55 Sep 11.6 0.0 0.0
Dec 11.6 0.0 0.9
Mar 11.7 0.9 0.9
Jun 11.8 0.9 1.7
1955-56 Sep 11.9 0.8 2.6
Dec 12.0 0.8 3.4
Mar 12.1 0.8 3.4
Jun 12.5 3.3 5.9
1956-57 Sep 12.8 2.4 7.6
Dec 12.8 0.0 6.7
Mar 12.8 0.0 5.8
Jun 12.9 0.8 3.2
1957-58 Sep 12.9 0.0 0.8
Dec 12.9 0.0 0.8
Mar 13.0 0.8 1.6
Jun 13.0 0.0 0.8
1958-59 Sep 13.0 0.0 0.8
Dec 13.1 0.8 1.6
Mar 13.2 0.8 1.5
Jun 13.2 0.0 1.5
1959-60 Sep 13.3 0.8 2.3
Dec 13.4 0.8 2.3
Mar 13.5 0.7 2.3
Jun 13.7 1.5 3.8
1960-61 Sep 13.9 1.5 4.5
Dec 14.0 0.7 4.5
Mar 14.1 0.7 4.4
Jun 14.2 0.7 3.6
1961-62 Sep 14.1 -0.7 1.4
Dec 14.1 0.0 0.7
Mar 14.1 0.0 0.0
Jun 14.1 0.0 -0.7
1962-63 Sep 14.1 0.0 0.0
Dec 14.1 0.0 0.0
Mar 14.1 0.0 0.0
Jun 14.1 0.0 0.0
1963-64 Sep 14.2 0.7 0.7
Dec 14.2 0.0 0.7
Mar 14.3 0.7 1.4
Jun 14.4 0.7 2.1
1964-65 Sep 14.6 1.4 2.8
Dec 14.7 0.7 3.5
Mar 14.8 0.7 3.5
Jun 15.0 1.4 4.2
1965-66 Sep 15.1 0.7 3.4
Dec 15.3 1.3 4.1
Mar 15.4 0.7 4.1
Jun 15.5 0.6 3.3
1966-67 Sep 15.5 0.0 2.6
Dec 15.7 1.3 2.6
Mar 15.8 0.6 2.6
Jun 15.9 0.6 2.6
1967-68 Sep 16.2 1.9 4.5
Dec 16.2 0.0 3.2
Mar 16.3 0.6 3.2
Jun 16.4 0.6 3.1
1968-69 Sep 16.5 0.6 1.9
Dec 16.6 0.6 2.5
Mar 16.8 1.2 3.1
Jun 16.9 0.6 3.0
1969-70 Sep 17.0 0.6 3.0
Dec 17.1 0.6 3.0
Mar 17.3 1.2 3.0
Jun 17.5 1.2 3.6
1970-71 Sep 17.6 0.6 3.5
Dec 17.9 1.7 4.7
Mar 18.1 1.1 4.6 19.7
Jun 18.4 1.7 5.1 20.1 2.0
1971-72 Sep 18.8 2.2 6.8 20.4 1.5
Dec 19.2 2.1 7.3 20.7 1.5
Mar 19.4 1.0 7.2 21.0 1.4 6.6
Jun 19.6 1.0 6.5 21.2 1.0 5.5
1972-73 Sep 19.9 1.5 5.9 21.5 1.4 5.4
Dec 20.1 1.0 4.7 21.7 0.9 4.8
Mar 20.5 2.0 5.7 22.0 1.4 4.8
Jun 21.2 3.4 8.2 22.4 1.8 5.7
1973-74 Sep 21.9 3.3 10.1 23.0 2.7 7.0
Dec 22.7 3.7 12.9 23.6 2.6 8.8
Mar 23.3 2.6 13.7 24.2 2.5 10.0
Jun 24.3 4.3 14.6 25.2 4.1 12.5
1974-75 Sep 25.5 4.9 16.4 27.0 7.1 17.4
Dec 26.4 3.5 16.3 28.5 5.6 20.8
Mar 27.4 3.8 17.6 29.5 3.5 21.9
Jun 28.4 3.6 16.9 30.6 3.7 21.4
1975-76 Sep 28.6 0.7 12.2 31.7 3.6 17.4
Dec 30.2 5.6 14.4 32.8 3.5 15.1
Mar 31.0 2.6 13.1 33.7 2.7 14.2
Jun 31.8 2.6 12.0 34.6 2.7 13.1
1976-77 Sep 32.6 2.5 14.0 35.5 2.6 12.0
Dec 34.5 5.8 14.2 36.3 2.3 10.7
Mar 35.3 2.3 13.9 37.4 3.0 11.0
Jun 36.1 2.3 13.5 38.5 2.9 11.3
1977-78 Sep 36.8 1.9 12.9 39.3 2.1 10.7
Dec 37.7 2.4 9.3 40.1 2.0 10.5
Mar 38.2 1.3 8.2 40.8 1.7 9.1
Jun 39.0 2.1 8.0 41.3 1.2 7.3
1978-79 Sep 39.7 1.8 7.9 42.1 1.9 7.1
Dec 40.6 2.3 7.7 42.5 1.0 6.0
Mar 41.3 1.7 8.1 43.2 1.6 5.9
Jun 42.4 2.7 8.7 43.8 1.4 6.1
1979-80 Sep 43.4 2.4 9.3 44.7 2.1 6.2
Dec 44.7 3.0 10.1 45.6 2.0 7.3
Mar 45.7 2.2 10.7 46.6 2.2 7.9
Jun 47.0 2.8 10.8 47.7 2.4 8.9
1980-81 Sep 47.8 1.7 10.1 48.9 2.5 9.4
Dec 48.8 2.1 9.2 50.0 2.2 9.6
Mar 50.0 2.5 9.4 51.2 2.4 9.9
Jun 51.1 2.2 8.7 52.1 1.8 9.2
1981-82 Sep 52.1 2.0 9.0 53.5 2.7 9.4
Dec 54.3 4.2 11.3 54.7 2.2 9.4
Mar 55.3 1.8 10.6 56.1 2.6 9.6
Jun 56.6 2.4 10.8 57.8 3.0 10.9
1982-83 Sep 58.6 3.5 12.5 59.2 2.4 10.7
Dec 60.3 2.9 11.0 60.5 2.2 10.6
Mar 61.6 2.2 11.4 62.0 2.5 10.5
Jun 62.9 2.1 11.1 62.9 1.5 8.8
1983-84 Sep 64.0 1.7 9.2 63.9 1.6 7.9
Dec 65.5 2.3 8.6 64.9 1.6 7.3
Mar 65.2 -0.5 5.8 65.9 1.5 6.3
Jun 65.4 0.3 4.0 66.8 1.4 6.2
1984-85 Sep 66.2 1.2 3.4 67.6 1.2 5.8
Dec 67.2 1.5 2.6 68.3 1.0 5.2
Mar 68.1 1.3 4.4 69.4 1.6 5.3
Jun 69.7 2.3 6.6 70.9 2.2 6.1
1985-86 Sep 71.3 2.3 7.7 72.6 2.4 7.4
Dec 72.7 2.0 8.2 74.4 2.5 8.9
Mar 74.4 2.3 9.3 76.2 2.4 9.8
Jun 75.6 1.6 8.5 77.9 2.2 9.9
1986-87 Sep 77.6 2.6 8.8 79.6 2.2 9.6
Dec 79.8 2.8 9.8 81.5 2.4 9.5
Mar 81.4 2.0 9.4 83.1 2.0 9.1
Jun 82.6 1.5 9.3 84.9 2.2 9.0
1987-88 Sep 84.0 1.7 8.2 86.4 1.8 8.5
Dec 85.5 1.8 7.1 87.6 1.4 7.5
Mar 87.0 1.8 6.9 89.0 1.6 7.1
Jun 88.5 1.7 7.1 90.7 1.9 6.8
1988-89 Sep 90.2 1.9 7.4 92.3 1.8 6.8
Dec 92.0 2.0 7.6 93.9 1.7 7.2
Mar 92.9 1.0 6.8 95.1 1.3 6.9
Jun 95.2 2.5 7.6 96.2 1.2 6.1
1989-90 Sep 97.4 2.3 8.0 97.6 1.5 5.7
Dec 99.2 1.8 7.8 99.2 1.6 5.6
Mar 100.9 1.7 8.6 100.8 1.6 6.0
Jun 102.5 1.6 7.7 102.4 1.6 6.4
1990-91 Sep 103.3 0.8 6.1 103.2 0.8 5.7
Dec 106.0 2.6 6.9 104.5 1.3 5.3
Mar 105.8 -0.2 4.9 105.3 0.8 4.5
Jun 106.0 0.2 3.4 106.4 1.0 3.9
1991-92 Sep 106.6 0.6 3.2 107.0 0.6 3.7
Dec 107.6 0.9 1.5 108.1 1.0 3.4
Mar 107.6 0.0 1.7 108.5 0.4 3.0
Jun 107.3 -0.3 1.2 109.3 0.7 2.7
1992-93 Sep 107.4 0.1 0.8 109.6 0.3 2.4
Dec 107.9 0.5 0.3 110.1 0.5 1.9
Mar 108.9 0.9 1.2 110.7 0.5 2.0
Jun 109.3 0.4 1.9 111.3 0.5 1.8
1993-94 Sep 109.8 0.5 2.2 112.0 0.6 2.2
Dec 110.0 0.2 1.9 112.4 0.4 2.1
Mar 110.4 0.4 1.4 113.0 0.5 2.1
Jun 111.2 0.7 1.7 113.5 0.4 2.0
1994-95 Sep 111.9 0.6 1.9 114.2 0.6 2.0
Dec 112.8 0.8 2.5 114.8 0.5 2.1
Mar 114.7 1.7 3.9 115.2 0.3 1.9
Jun 116.2 1.3 4.5 116.3 1.0 2.5
1995-96 Sep 117.6 1.2 5.1 117.7 1.2 3.1
Dec 118.5 0.8 5.1 118.5 0.7 3.2
Mar 119.0 0.4 3.7 119.0 0.4 3.3
----------------------------------------------------------------------------------
n.a. not applicable
Australia
Base year of each deflator: 1989-90 = 100.0
(Quarterly data are seasonally adjusted)
-------------------------------------------------------------------------------------------------
Private final Domestic final Gross non-farm Gross domestic
consumption demand product product
expenditure
------------------- -------------------- -------------------- --------------------
percentage percentage percentage percentage
change change change change
---------- ---------- ---------- ---------
deflator qtr annual deflator qtr annual deflator qtr annual deflator qtr annual
-------------------------------------------------------------------------------------------------
1948-49 6.6 6.1 6.4
1949-50 7.2 n.a. 9.1 6.7 n.a. 9.8 7.0 n.a. 9.4
1950-51 8.1 n.a. 12.5 7.7 n.a. 14.9 8.8 n.a. 25.7
1951-52 9.8 n.a. 21.0 9.2 n.a. 19.5 9.2 n.a. 4.5
1952-53 10.6 n.a. 8.2 10.1 n.a. 9.8 10.5 n.a. 14.1
1953-54 10.9 n.a. 2.8 10.3 n.a. 2.0 10.8 n.a. 2.9
1954-55 11.1 n.a. 1.8 10.6 n.a. 2.9 10.9 n.a. 0.9
1955-56 11.6 n.a. 4.5 11.1 n.a. 4.7 11.2 n.a. 2.8
1956-57 12.2 n.a. 5.2 11.7 n.a. 5.4 12.0 n.a. 7.1
1957-58 12.4 n.a. 1.6 11.9 n.a. 1.7 12.0 n.a. 0.0
1958-59 12.7 n.a. 2.4 12.1 n.a. 1.7 12.0 n.a. 0.0
1959-60 13.0 n.a. 2.4 12.5 n.a. 3.3 11.9 12.6 n.a. 5.0
1960-61 13.6 n.a. 4.6 12.9 n.a. 3.2 12.3 n.a. 3.4 13.0 n.a. 3.2
1961-62 13.6 n.a. 0.0 13.1 n.a. 1.6 12.6 n.a. 2.4 13.1 n.a. 0.8
1962-63 13.8 n.a. 1.5 13.2 n.a. 0.8 12.8 n.a. 1.6 13.3 n.a. 1.5
1963-64 14.0 n.a. 1.4 13.5 n.a. 2.3 13.0 n.a. 1.6 13.8 n.a. 3.8
1964-65 14.5 n.a. 3.6 13.9 n.a. 3.0 13.5 n.a. 3.8 14.2 n.a. 2.9
1965-66 14.9 n.a. 2.8 14.4 n.a. 3.6 14.0 n.a. 3.7 14.6 n.a. 2.8
1966-67 15.4 n.a. 3.4 14.9 n.a. 3.5 14.5 n.a. 3.6 15.1 n.a. 3.4
1967-68 16.0 n.a. 3.9 15.4 n.a. 3.4 15.0 n.a. 3.4 15.5 n.a. 2.6
1968-69 16.5 n.a. 3.1 15.9 n.a. 3.2 15.7 n.a. 4.7 16.1 n.a. 3.9
1969-70 17.2 n.a. 4.2 16.6 n.a. 4.4 16.5 n.a. 5.1 16.9 n.a. 5.0
1970-71 18.3 n.a. 6.4 17.7 n.a. 6.6 17.5 n.a. 6.1 17.8 n.a. 5.3
1971-72 19.5 n.a. 6.6 19.0 n.a. 7.3 18.7 n.a. 6.9 19.0 n.a. 6.7
1972-73 20.7 n.a. 6.2 20.4 n.a. 7.4 20.0 n.a. 7.0 20.8 n.a. 9.5
1973-74 23.2 n.a. 12.1 23.1 n.a. 13.2 22.8 n.a. 14.0 23.8 n.a. 14.4
1974-75 27.3 n.a. 17.7 27.7 n.a. 19.9 27.8 n.a. 21.9 28.3 n.a. 18.9
1975-76 31.7 n.a. 16.1 32.1 n.a. 15.9 32.3 n.a. 16.2 32.5 n.a. 14.8
1976-77 35.3 n.a. 11.4 35.8 n.a. 11.5 36.0 n.a. 11.5 36.1 n.a. 11.1
1977-78 38.6 n.a. 9.3 39.1 n.a. 9.2 38.9 n.a. 8.1 38.9 n.a. 7.8
1978-79 42.0 n.a. 8.8 42.3 n.a. 8.2 41.5 n.a. 6.7 41.9 n.a. 7.7
1979-80 46.2 n.a. 10.0 46.6 n.a. 10.2 45.5 n.a. 9.6 46.5 n.a. 11.0
1980-81 50.8 n.a. 10.0 51.5 n.a. 10.5 50.4 n.a. 10.8 51.3 n.a. 10.3
1981-82 55.5 n.a. 9.3 56.8 n.a. 10.3 56.1 n.a. 11.3 56.6 n.a. 10.3
1982-83 61.6 n.a. 11.0 63.0 n.a. 10.9 62.3 n.a. 11.1 62.5 n.a. 10.4
1983-84 66.1 n.a. 7.3 67.1 n.a. 6.5 66.5 n.a. 6.7 66.8 n.a. 6.9
1984-85 70.1 n.a. 6.1 71.0 n.a. 5.8 70.7 n.a. 6.3 70.6 n.a. 5.7
1985-86 75.7 n.a. 8.0 77.0 n.a. 8.5 75.7 n.a. 7.1 75.3 n.a. 6.7
1986-87 82.1 n.a. 8.5 83.3 n.a. 8.2 81.2 n.a. 7.3 80.7 n.a. 7.2
1987-88 87.9 n.a. 7.1 88.5 n.a. 6.2 86.7 n.a. 6.8 86.8 n.a. 7.6
1988-89 93.9 n.a. 6.8 94.4 n.a. 6.7 94.0 n.a. 8.4 94.4 n.a. 8.8
1989-90 100.0 n.a. 6.5 100.0 n.a. 5.9 100.0 n.a. 6.4 100.0 n.a. 5.9
1990-91 105.1 n.a. 5.1 104.2 n.a. 4.2 104.3 n.a. 4.3 103.1 n.a. 3.1
1991-92 107.7 n.a. 2.5 106.6 n.a. 2.3 106.2 n.a. 1.8 105.0 n.a. 1.8
1992-93 109.7 n.a. 1.9 108.8 n.a. 2.1 107.5 n.a. 1.2 106.3 n.a. 1.2
1993-94 111.5 n.a. 1.6 110.4 n.a. 1.5 108.6 n.a. 1.0 107.5 n.a. 1.1
1994-95 113.5 n.a. 1.8 111.5 n.a. 1.0 110.1 n.a. 1.4 109.6 n.a. 2.0
1959-60Sep 12.8 12.3 11.6 12.2
Dec 12.9 0.8 12.4 0.8 11.9 2.6 12.5 2.5
Mar 13.0 0.8 12.5 0.8 12.0 0.8 12.5 0.0
Jun 13.3 2.3 12.7 1.6 12.6 5.0 13.2 5.6
1960-61Sep 13.4 0.8 4.7 12.8 0.8 4.1 11.9 -5.6 2.6 12.5 -5.3 2.5
Dec 13.5 0.7 4.7 12.9 0.8 4.0 12.4 4.2 4.2 13.1 4.8 4.8
Mar 13.6 0.7 4.6 13.0 0.8 4.0 12.4 0.0 3.3 13.0 -0.8 4.0
Jun 13.6 0.0 2.3 13.0 0.0 2.4 12.6 1.6 0.0 13.2 1.5 0.0
1961-62Sep 13.6 0.0 1.5 13.0 0.0 1.6 12.2 -3.2 2.5 12.8 -3.0 2.4
Dec 13.6 0.0 0.7 13.0 0.0 0.8 12.6 3.3 1.6 13.0 1.6 -0.8
Mar 13.6 0.0 0.0 13.0 0.0 0.0 12.7 0.8 2.4 13.1 0.8 0.8
Jun 13.7 0.7 0.7 13.1 0.8 0.8 13.1 3.1 4.0 13.5 3.1 2.3
1962-63Sep 13.7 0.0 0.7 13.1 0.0 0.8 12.5 -4.6 2.5 12.9 -4.4 0.8
Dec 13.7 0.0 0.7 13.2 0.8 1.5 12.7 1.6 0.8 13.1 1.6 0.8
Mar 13.8 0.7 1.5 13.2 0.0 1.5 12.8 0.8 0.8 13.3 1.5 1.5
Jun 13.9 0.7 1.5 13.3 0.8 1.5 13.3 3.9 1.5 13.8 3.8 2.2
1963-64Sep 13.9 0.0 1.5 13.4 0.8 2.3 12.7 -4.5 1.6 13.4 -2.9 3.9
Dec 13.9 0.0 1.5 13.4 0.0 1.5 12.8 0.8 0.8 13.6 1.5 3.8
Mar 14.0 0.7 1.4 13.5 0.7 2.3 13.2 3.1 3.1 13.9 2.2 4.5
Jun 14.2 1.4 2.2 13.7 1.5 3.0 13.6 3.0 2.3 14.2 2.2 2.9
1964-65Sep 14.3 0.7 2.9 13.8 0.7 3.0 13.2 -2.9 3.9 13.9 -2.1 3.7
Dec 14.4 0.7 3.6 13.9 0.7 3.7 13.5 2.3 5.5 14.0 0.7 2.9
Mar 14.5 0.7 3.6 14.0 0.7 3.7 13.6 0.7 3.0 14.2 1.4 2.2
Jun 14.7 1.4 3.5 14.1 0.7 2.9 14.0 2.9 2.9 14.6 2.8 2.8
1965-66Sep 14.8 0.7 3.5 14.2 0.7 2.9 13.6 -2.9 3.0 14.2 -2.7 2.2
Dec 14.9 0.7 3.5 14.3 0.7 2.9 14.0 2.9 3.7 14.5 2.1 3.6
Mar 15.0 0.7 3.4 14.4 0.7 2.9 14.0 0.0 2.9 14.6 0.7 2.8
Jun 15.1 0.7 2.7 14.5 0.7 2.8 14.5 3.6 3.6 15.0 2.7 2.7
1966-67Sep 15.2 0.7 2.7 14.7 1.4 3.5 14.0 -3.4 2.9 14.6 -2.7 2.8
Dec 15.3 0.7 2.7 14.8 0.7 3.5 14.3 2.1 2.1 14.9 2.1 2.8
Mar 15.5 1.3 3.3 14.9 0.7 3.5 14.7 2.8 5.0 15.2 2.0 4.1
Jun 15.6 0.6 3.3 15.0 0.7 3.4 15.1 2.7 4.1 15.6 2.6 4.0
1967-68Sep 15.8 1.3 3.9 15.2 1.3 3.4 14.6 -3.3 4.3 15.0 -3.8 2.7
Dec 15.9 0.6 3.9 15.3 0.7 3.4 14.8 1.4 3.5 15.3 2.0 2.7
Mar 16.0 0.6 3.2 15.4 0.7 3.4 15.3 3.4 4.1 15.8 3.3 3.9
Jun 16.2 1.3 3.8 15.5 0.6 3.3 15.6 2.0 3.3 16.0 1.3 2.6
1968-69Sep 16.3 0.6 3.2 15.7 1.3 3.3 15.1 -3.2 3.4 15.5 -3.1 3.3
Dec 16.5 1.2 3.8 15.9 1.3 3.9 15.6 3.3 5.4 15.9 2.6 3.9
Mar 16.6 0.6 3.8 16.0 0.6 3.9 16.0 2.6 4.6 16.3 2.5 3.2
Jun 16.7 0.6 3.1 16.2 1.3 4.5 16.4 2.5 5.1 16.7 2.5 4.4
1969-70Sep 16.8 0.6 3.1 16.3 0.6 3.8 16.3 -0.6 7.9 16.6 -0.6 7.1
Dec 17.1 1.8 3.6 16.5 1.2 3.8 16.2 -0.6 3.8 16.6 0.0 4.4
Mar 17.4 1.8 4.8 16.8 1.8 5.0 16.8 3.7 5.0 17.1 3.0 4.9
Jun 17.5 0.6 4.8 17.0 1.2 4.9 17.0 1.2 3.7 17.2 0.6 3.0
1970-71Sep 17.7 1.1 5.4 17.1 0.6 4.9 17.2 1.2 5.5 17.3 0.6 4.2
Dec 18.1 2.3 5.8 17.5 2.3 6.1 17.1 -0.6 5.6 17.3 0.0 4.2
Mar 18.5 2.2 6.3 17.9 2.3 6.5 17.9 4.7 6.5 18.0 4.0 5.3
Jun 18.8 1.6 7.4 18.3 2.2 7.6 18.2 1.7 7.1 18.4 2.2 7.0
1971-72Sep 19.0 1.1 7.3 18.5 1.1 8.2 18.6 2.2 8.1 18.6 1.1 7.5
Dec 19.4 2.1 7.2 18.9 2.2 8.0 18.3 -1.6 7.0 18.4 -1.1 6.4
Mar 19.7 1.5 6.5 19.1 1.1 6.7 19.1 4.4 6.7 19.3 4.9 7.2
Jun 20.0 1.5 6.4 19.5 2.1 6.6 19.3 1.0 6.0 19.6 1.6 6.5
1972-73Sep 20.2 1.0 6.3 19.8 1.5 7.0 19.6 1.6 5.4 20.1 2.6 8.1
Dec 20.5 1.5 5.7 20.1 1.5 6.3 19.6 0.0 7.1 20.4 1.5 10.9
Mar 20.8 1.5 5.6 20.4 1.5 6.8 20.1 2.6 5.2 20.9 2.5 8.3
Jun 21.4 2.9 7.0 21.1 3.4 8.2 21.3 6.0 10.4 22.1 5.7 12.8
1973-74Sep 22.1 3.3 9.4 21.8 3.3 10.1 21.4 0.5 9.2 22.5 1.8 11.9
Dec 22.9 3.6 11.7 22.7 4.1 12.9 22.4 4.7 14.3 23.4 4.0 14.7
Mar 23.4 2.2 12.5 23.2 2.2 13.7 23.4 4.5 16.4 24.2 3.4 15.8
Jun 24.5 4.7 14.5 24.5 5.6 16.1 24.3 3.8 14.1 25.0 3.3 13.1
1974-75Sep 25.8 5.3 16.7 25.9 5.7 18.8 26.3 8.2 22.9 26.9 7.6 19.6
Dec 27.1 5.0 18.3 27.4 5.8 20.7 27.7 5.3 23.7 28.0 4.1 19.7
Mar 27.8 2.6 18.8 28.3 3.3 22.0 28.2 1.8 20.5 28.5 1.8 17.8
Jun 28.8 3.6 17.6 29.3 3.5 19.6 29.3 3.9 20.6 29.6 3.9 18.4
1975-76Sep 29.8 3.5 15.5 30.2 3.1 16.6 30.5 4.1 16.0 30.7 3.7 14.1
Dec 31.4 5.4 15.9 31.8 5.3 16.1 32.2 5.6 16.2 32.3 5.2 15.4
Mar 32.3 2.9 16.2 32.5 2.2 14.8 32.6 1.2 15.6 32.8 1.5 15.1
Jun 33.2 2.8 15.3 33.7 3.7 15.0 34.1 4.6 16.4 34.2 4.3 15.5
1976-77Sep 33.9 2.1 13.8 34.4 2.1 13.9 34.9 2.3 14.4 35.0 2.3 14.0
Dec 34.9 2.9 11.1 35.5 3.2 11.6 35.7 2.3 10.9 35.8 2.3 10.8
Mar 35.8 2.6 10.8 36.2 2.0 11.4 36.4 2.0 11.7 36.4 1.7 11.0
Jun 36.6 2.2 10.2 37.3 3.0 10.7 37.2 2.2 9.1 37.3 2.5 9.1
1977-78Sep 37.5 2.5 10.6 38.0 1.9 10.5 38.1 2.4 9.2 37.9 1.6 8.3
Dec 38.4 2.4 10.0 38.9 2.4 9.6 38.9 2.1 9.0 38.6 1.8 7.8
Mar 38.8 1.0 8.4 39.3 1.0 8.6 39.2 0.8 7.7 39.1 1.3 7.4
Jun 39.7 2.3 8.5 40.1 2.0 7.5 39.9 1.8 7.3 39.9 2.0 7.0
1978-79Sep 40.5 2.0 8.0 40.9 2.0 7.6 40.6 1.8 6.6 40.7 2.0 7.4
Dec 41.8 3.2 8.9 42.0 2.7 8.0 41.4 2.0 6.4 41.4 1.7 7.3
Mar 42.5 1.7 9.5 42.8 1.9 8.9 41.9 1.2 6.9 42.2 1.9 7.9
Jun 43.4 2.1 9.3 43.7 2.1 9.0 42.9 2.4 7.5 43.5 3.1 9.0
1979-80Sep 44.5 2.5 9.9 44.8 2.5 9.5 44.1 2.8 8.6 44.9 3.2 10.3
Dec 45.6 2.5 9.1 45.7 2.0 8.8 44.5 0.9 7.5 45.4 1.1 9.7
Mar 47.0 3.1 10.6 47.4 3.7 10.7 46.7 4.9 11.5 47.5 4.6 12.6
Jun 48.0 2.1 10.6 48.3 1.9 10.5 47.6 1.9 11.0 48.2 1.5 10.8
1980-81Sep 49.1 2.3 10.3 49.7 2.9 10.9 48.6 2.1 10.2 49.4 2.5 10.0
Dec 50.2 2.2 10.1 50.9 2.4 11.4 49.9 2.7 12.1 50.7 2.6 11.7
Mar 51.4 2.4 9.4 52.1 2.4 9.9 51.4 3.0 10.1 52.0 2.6 9.5
Jun 52.4 1.9 9.2 53.2 2.1 10.1 52.5 2.1 10.3 53.0 1.9 10.0
1981-82Sep 53.5 2.1 9.0 54.4 2.3 9.5 53.8 2.5 10.7 54.3 2.5 9.9
Dec 55.0 2.8 9.6 56.1 3.1 10.2 55.4 3.0 11.0 55.7 2.6 9.9
Mar 56.2 2.2 9.3 57.6 2.7 10.6 57.1 3.1 11.1 57.2 2.7 10.0
Jun 57.6 2.5 9.9 59.2 2.8 11.3 59.1 3.5 12.6 59.1 3.3 11.5
1982-83Sep 59.5 3.3 11.2 61.1 3.2 12.3 60.5 2.4 12.5 60.5 2.4 11.4
Dec 61.1 2.7 11.1 62.6 2.5 11.6 62.1 2.6 12.1 62.0 2.5 11.3
Mar 62.3 2.0 10.9 63.7 1.8 10.6 63.5 2.3 11.2 63.4 2.3 10.8
Jun 63.5 1.9 10.2 64.6 1.4 9.1 64.2 1.1 8.6 64.1 1.1 8.5
1983-84Sep 64.4 1.4 8.2 65.4 1.2 7.0 64.8 0.9 7.1 65.0 1.4 7.4
Dec 65.7 2.0 7.5 66.6 1.8 6.4 66.0 1.9 6.3 66.0 1.5 6.5
Mar 66.9 1.8 7.4 67.7 1.7 6.3 67.5 2.3 6.3 67.5 2.3 6.5
Jun 67.7 1.2 6.6 68.6 1.3 6.2 68.7 1.8 7.0 68.6 1.6 7.0
1984-85Sep 68.5 1.2 6.4 69.5 1.3 6.3 69.3 0.9 6.9 69.2 0.9 6.5
Dec 69.4 1.3 5.6 70.1 0.9 5.3 69.9 0.9 5.9 69.8 0.9 5.8
Mar 70.2 1.2 4.9 71.0 1.3 4.9 71.0 1.6 5.2 70.8 1.4 4.9
Jun 72.1 2.7 6.5 73.3 3.2 6.9 72.4 2.0 5.4 72.2 2.0 5.2
1985-86Sep 73.5 1.9 7.3 74.6 1.8 7.3 73.8 1.9 6.5 73.6 1.9 6.4
Dec 75.0 2.0 8.1 76.3 2.3 8.8 74.8 1.4 7.0 74.5 1.2 6.7
Mar 76.5 2.0 9.0 77.9 2.1 9.7 76.3 2.0 7.5 75.9 1.9 7.2
Jun 77.8 1.7 7.9 79.1 1.5 7.9 77.7 1.8 7.3 77.2 1.7 6.9
1986-87Sep 79.7 2.4 8.4 81.2 2.7 8.8 78.7 1.3 6.6 78.3 1.4 6.4
Dec 81.5 2.3 8.7 82.8 2.0 8.5 80.5 2.3 7.6 80.1 2.3 7.5
Mar 82.9 1.7 8.4 84.1 1.6 8.0 81.9 1.7 7.3 81.6 1.9 7.5
Jun 84.3 1.7 8.4 85.2 1.3 7.7 83.4 1.8 7.3 83.1 1.8 7.6
1987-88Sep 85.7 1.7 7.5 86.5 1.5 6.5 84.5 1.3 7.4 84.5 1.7 7.9
Dec 87.0 1.5 6.7 87.7 1.4 5.9 85.7 1.4 6.5 85.7 1.4 7.0
Mar 88.6 1.8 6.9 89.1 1.6 5.9 87.1 1.6 6.3 87.5 2.1 7.2
Jun 90.2 1.8 7.0 90.6 1.7 6.3 89.1 2.3 6.8 89.5 2.3 7.7
1988-89Sep 91.7 1.7 7.0 92.2 1.8 6.6 91.3 2.5 8.0 92.0 2.8 8.9
Dec 93.1 1.5 7.0 93.5 1.4 6.6 92.7 1.5 8.2 93.2 1.3 8.8
Mar 94.2 1.2 6.3 94.9 1.5 6.5 95.0 2.5 9.1 95.4 2.4 9.0
Jun 96.4 2.3 6.9 96.8 2.0 6.8 96.8 1.9 8.6 97.0 1.7 8.4
1989-90Sep 97.8 1.5 6.7 98.0 1.2 6.3 98.1 1.3 7.4 98.3 1.3 6.8
Dec 99.0 1.2 6.3 99.3 1.3 6.2 99.3 1.2 7.1 99.3 1.0 6.5
Mar 100.6 1.6 6.8 100.6 1.3 6.0 100.4 1.1 5.7 100.3 1.0 5.1
Jun 102.1 1.5 5.9 101.9 1.3 5.3 102.1 1.7 5.5 102.1 1.8 5.3
1990-91Sep 103.0 0.9 5.3 102.6 0.7 4.7 103.0 0.9 5.0 102.1 0.0 3.9
Dec 105.1 2.0 6.2 104.3 1.7 5.0 104.3 1.3 5.0 103.1 1.0 3.8
Mar 105.6 0.5 5.0 104.8 0.5 4.2 104.6 0.3 4.2 103.3 0.2 3.0
Jun 106.1 0.5 3.9 105.1 0.3 3.1 105.0 0.4 2.8 103.4 0.1 1.3
1991-92Sep 106.9 0.8 3.8 105.8 0.7 3.1 105.6 0.6 2.5 104.5 1.1 2.4
Dec 107.4 0.5 2.2 106.5 0.7 2.1 105.9 0.3 1.5 104.8 0.3 1.6
Mar 107.9 0.5 2.2 106.8 0.3 1.9 106.3 0.4 1.6 105.3 0.5 1.9
Jun 108.2 0.3 2.0 106.9 0.1 1.7 106.6 0.3 1.5 105.4 0.1 1.9
1992-93Sep 108.6 0.4 1.6 107.5 0.6 1.6 106.4 -0.2 0.8 105.4 0.0 0.9
Dec 109.1 0.5 1.6 108.2 0.7 1.6 107.0 0.6 1.0 105.9 0.5 1.0
Mar 110.1 0.9 2.0 109.5 1.2 2.5 107.9 0.8 1.5 106.7 0.8 1.3
Jun 110.4 0.3 2.0 109.6 0.1 2.5 108.2 0.3 1.5 106.9 0.2 1.4
1993-94Sep 110.8 0.4 2.0 109.9 0.3 2.2 108.0 -0.2 1.5 106.9 0.0 1.4
Dec 111.3 0.5 2.0 110.3 0.4 1.9 108.4 0.4 1.3 107.3 0.4 1.3
Mar 111.5 0.2 1.3 110.5 0.2 0.9 108.7 0.3 0.7 107.6 0.3 0.8
Jun 112.1 0.5 1.5 110.4 -0.1 0.7 108.6 -0.1 0.4 107.6 0.0 0.7
1994-95Sep 112.4 0.3 1.4 110.9 0.5 0.9 109.1 0.5 1.0 108.6 0.9 1.6
Dec 112.7 0.3 1.3 110.8 -0.1 0.5 109.2 0.1 0.7 108.9 0.3 1.5
Mar 113.8 1.0 2.1 111.6 0.7 1.0 110.4 1.1 1.6 109.9 0.9 2.1
Jun 114.7 0.8 2.3 112.4 0.7 1.8 111.5 1.0 2.7 110.9 0.9 3.1
1995-96Sep 115.6 0.8 2.8 113.3 0.8 2.2 112.3 0.7 2.9 111.9 0.9 3.0
Dec 115.9 0.3 2.8 113.7 0.4 2.6 112.6 0.3 3.1 112.1 0.2 2.9
Mar 116.6 0.6 2.5 113.7 0.0 1.9 113.4 0.7 2.7 112.7 0.5 2.5
-------------------------------------------------------------------------------------------------
n.a. not applicable
Australia
Base year of each index: 1989-90 = 100.0
------------------------------------------------------------------------------------
Private final Domestic final Gross domestic
consumption demand product
expenditure
------------------- ------------------- -------------------
percentage percentage percentage
change change change
------------ ------------ ------------
index qtr annual index qtr annual index qtr annual
------------------------------------------------------------------------------------
1984-85 70.5 n.a. 72.1 n.a. 70.7 n.a.
1985-86 76.6 n.a. 8.7 78.1 n.a. 8.3 75.6 n.a. 6.9
1986-87 83.2 n.a. 8.6 84.4 n.a. 8.1 81.1 n.a. 7.3
1987-88 88.7 n.a. 6.6 89.0 n.a. 5.5 87.0 n.a. 7.3
1988-89 93.9 n.a. 5.9 94.2 n.a. 5.8 94.2 n.a. 8.3
1989-90 100.0 n.a. 6.5 100.0 n.a. 6.2 100.0 n.a. 6.2
1990-91 105.4 n.a. 5.4 104.4 n.a. 4.4 103.4 n.a. 3.4
1991-92 108.3 n.a. 2.8 106.5 n.a. 2.0 105.1 n.a. 1.6
1992-93 111.0 n.a. 2.5 109.2 n.a. 2.5 106.6 n.a. 1.4
1993-94 113.3 n.a. 2.1 111.1 n.a. 1.7 108.0 n.a. 1.3
1994-95 115.4 n.a. 1.9 112.8 n.a. 1.5 110.2 n.a. 2.0
1984-85 Sep 68.9 70.4 69.5
Dec 69.5 0.9 70.9 0.7 70.0 0.7
Mar 70.7 1.7 72.2 1.8 70.9 1.3
Jun 72.9 3.1 74.7 3.5 72.5 2.3
1985-86 Sep 74.4 2.1 8.0 75.9 1.6 7.8 73.8 1.8 6.2
Dec 75.9 2.0 9.2 77.6 2.2 9.4 75.0 1.6 7.1
Mar 77.4 2.0 9.5 79.0 1.8 9.4 76.5 2.0 7.9
Jun 78.5 1.4 7.7 79.7 0.9 6.7 77.2 0.9 6.5
1986-87 Sep 81.1 3.3 9.0 82.7 3.8 9.0 79.1 2.5 7.2
Dec 82.5 1.7 8.7 83.9 1.5 8.1 80.6 1.9 7.5
Mar 84.0 1.8 8.5 85.0 1.3 7.6 81.7 1.4 6.8
Jun 85.1 1.3 8.4 85.9 1.1 7.8 83.0 1.6 7.5
1987-88 Sep 86.5 1.6 6.7 87.0 1.3 5.2 84.6 1.9 7.0
Dec 88.1 1.8 6.8 88.5 1.7 5.5 86.0 1.7 6.7
Mar 89.4 1.5 6.4 89.7 1.4 5.5 87.6 1.9 7.2
Jun 90.7 1.5 6.6 90.9 1.3 5.8 89.7 2.4 8.1
1988-89 Sep 91.9 1.3 6.2 92.1 1.3 5.9 91.7 2.2 8.4
Dec 93.3 1.5 5.9 93.6 1.6 5.8 93.2 1.6 8.4
Mar 94.2 1.0 5.4 94.4 0.9 5.2 94.8 1.7 8.2
Jun 96.3 2.2 6.2 96.6 2.3 6.3 96.9 2.2 8.0
1989-90 Sep 97.8 1.6 6.4 98.0 1.4 6.4 97.9 1.0 6.8
Dec 99.3 1.5 6.4 99.4 1.4 6.2 99.5 1.6 6.8
Mar 100.7 1.4 6.9 100.7 1.3 6.7 100.7 1.2 6.2
Jun 102.2 1.5 6.1 101.9 1.2 5.5 101.9 1.2 5.2
1990-91 Sep 103.2 1.0 5.5 102.5 0.6 4.6 102.3 0.4 4.5
Dec 105.8 2.5 6.5 104.7 2.1 5.3 103.7 1.4 4.2
Mar 106.1 0.3 5.4 105.1 0.4 4.4 103.8 0.1 3.1
Jun 106.4 0.3 4.1 105.2 0.1 3.2 103.9 0.1 2.0
1991-92 Sep 107.2 0.8 3.9 105.6 0.4 3.0 104.4 0.5 2.1
Dec 108.2 0.9 2.3 106.5 0.9 1.7 105.1 0.7 1.4
Mar 108.6 0.4 2.4 106.8 0.3 1.6 105.2 0.1 1.3
Jun 109.0 0.4 2.4 107.1 0.3 1.8 105.5 0.3 1.5
1992-93 Sep 109.9 0.8 2.5 108.1 0.9 2.4 106.0 0.5 1.5
Dec 110.7 0.7 2.3 108.9 0.7 2.3 106.4 0.4 1.2
Mar 111.4 0.6 2.6 109.5 0.6 2.5 107.0 0.6 1.7
Jun 111.9 0.4 2.7 110.1 0.5 2.8 107.1 0.1 1.5
1993-94 Sep 112.8 0.8 2.6 110.7 0.5 2.4 107.4 0.3 1.3
Dec 113.4 0.5 2.4 111.3 0.5 2.2 107.9 0.5 1.4
Mar 113.2 -0.2 1.6 111.0 -0.3 1.4 108.0 0.1 0.9
Jun 113.7 0.4 1.6 111.4 0.4 1.2 108.5 0.5 1.3
1994-95 Sep 114.3 0.5 1.3 111.8 0.4 1.0 108.9 0.4 1.4
Dec 114.6 0.3 1.1 112.1 0.3 0.7 109.6 0.6 1.6
Mar 115.6 0.9 2.1 112.9 0.7 1.7 110.6 0.9 2.4
Jun 117.1 1.3 3.0 114.4 1.3 2.7 111.7 1.0 2.9
1995-96 Sep 118.0 0.8 3.2 115.0 0.5 2.9 112.5 0.7 3.3
Dec 118.5 0.4 3.4 115.4 0.3 2.9 112.9 0.4 3.0
Mar 118.9 0.3 2.9 115.5 0.1 2.3 113.3 0.4 2.4
------------------------------------------------------------------------------------
n.a. not applicable
- Final means that expenditures on intermediate goods and services,
or those goods and services used up in the production process of other
goods and services, are excluded so as to avoid the problem of double-counting.
- Strictly speaking this should be termed 'over-the-year' or 'through-the-year'.
Some economic forecasts are often presented with both over-the-year
growth rates and annual growth rates, where the annual growth rates
refer to percentage changes in annual totals or annual averages. (See
Price index manipulations section that follows.)
- This improvement may be understated because the CPI, not being a
cost-of-living index (as previously discussed), makes no allowance for
any changes in households expenditure patterns in response to changing
relative prices that may have occurred.
ABARE, Indexes of Prices Received and Paid by Farmers, various.
ABS, Surviving Statistics: A User's Guide to the Basics, (Catalogue
No. 1332.0).
ABS, Measuring Australia's Economy, (Catalogue No. 1360.0).
ABS, Australian National Accounts: National Income, Expenditure and
Product, (Catalogue Nos. 5204.0 and 5206.0).
ABS, Consumer Price Index, (Catalogue No. 6401.0).
ABS, Export Price Index, (Catalogue No. 6405.0).
ABS, Price Index of Materials Used in Building Other than House Building,
(Catalogue No. 6407.0).
ABS, Price Index of Materials Used in House Building, (Catalogue No.
6408.0).
ABS, Price Index of Copper Materials, (Catalogue No. 6410.0).
ABS, Price Index of Materials Used in Manufacturing Industries, (Catalogue
No. 6411.0).
ABS, Price Index of Articles Produced by Manufacturing Industry, (Catalogue
No. 6412.0).
ABS, Import Price Index, (Catalogue No. 6414.0).
ABS, Price Index of Materials Used in Coal Mining, (Catalogue No. 6415.0).
ABS, Producer and Foreign Trade Price Indexes: Concepts, Sources and
Methods, 1995, (Catalogue No. 6419.0).
ABS, A Guide to the Consumer Price Index, (Catalogue No. 6440.0).
ABS, The Australian Consumer Price Index: Concepts, Sources and Methods,
(Catalogue No. 6461.0).
ABS 'Alternative Measures of Consumer Price Inflation', in Consumer
Price Index, September quarter 1994, (Catalogue No. 6401.0).
Brown, RJ, Student Economics, Part 1, Sydney, 1974.
Cagan, P and Moore, GH, The Consumer Price Index: Issues and Alternatives,
Washington, 1981.
Commonwealth Treasury of Australia, 'Measuring Inflation', in Round-up
of Economic Statistics, April 1978.
Commonwealth Treasury of Australia, 'Treasury's Underlying Rate of Inflation',
in Economic RoundUp Summer 1995.
Dernburg TF and McDougall, DM, Macroeconomics. The Measurement, Analysis,
and Control of Aggregate Economic Activity, 4th edition, Tokyo, 1972.
Johnson, T, 'Measuring Inflation' in Australian Economic Indicators,
November 1991, ABS (Catalogue No. 1350.0).
Karmel, PH and Polasek, M, Applied Statistics for Economists, 3rd edition,
Melbourne, 1971.
RBA, Bulletin, various.
RBA, 'Measuring "Underlying" Inflation', in Bulletin, August
1994.
RBA, 'Quarterly Report on the Economy and Financial Markets. Attachment:
The Focus on Underlying Inflation', in Bulletin, July 1995.
RBA, 'Reserve Bank of Australia Index of Commodity Prices', in Bulletin,
April 1993.
Samuelson, PA, Hancock, K and Wallace, R, Economics, 2nd Australian
edition, Sydney, 1975.
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