This book provides an introduction to index numbers for statisticians, economists and numerate members of the public. It covers the essential basics, mixing theoretical aspects with practical techniques to give a balanced and accessible introduction to the subject. The concepts are illustrated by exploring the construction and use of the Consumer Prices Index which is arguably the most important of all official statistics in the UK. The book also considers current issues and developments in the field including the use of large-scale price transaction data.
A Practical Introduction to Index Numbers will be the ideal accompaniment for students taking the index number components of the Royal Statistical Society Ordinary and Higher Certificate exams; it provides suggested routes through the book for students, and sets of exercises with solutions.
Keywords: Inflation; Index numbers; Price index; CPI; Consumer prices index; Basket of goods; Cost of goods index; Cost of living index; Deflation, General & Introductory Statistics, General & Introductory Economics, General & Introductory Statistics, General & Introductory Economics