The updated weight column is the December published weight times the relative change between December 2016 and September 2017. Enter the weights and indexes for these two item categories (see table A). You need the published relative importance for energy for December 2016 and the December 2016 and Sept.ember 2017 indexes for energy and for all items. For example, suppose you want to estimate the relative importance of energy for the CPI-U in September 2017.
#Cross weight calculator update#
To estimate a relative importance for a component for a month other than December, one can use its previous published relative importance and update it by published price changes.
#Cross weight calculator how to#
How to estimate an updated relative importance In such instances, relative importance ratios are used as weights to combine relative changes in prices of the selected components over specified periods.Additional information on the procedure for deriving index weights from consumer expenditure data is available in the Consumer Expenditure Survey and Consumer Price Index sections of the BLS Handbook of Methods. Relative importance ratios of components in the national or local area Consumer Price Indexes can be used in the construction of indexes for special combinations of items. These factors include income, variations in climate, family size, and availability of new and different kinds of goods and services.
Relative importance ratios cannot be used as estimates of current spending patterns or as indicators of changing consumer expenditures in the intervals between weight revisions because consumption patterns are influenced by factors other than price change. Relative importance ratios represent an estimate of how consumers would distribute their expenditures as prices change over time. When the value weights are collected they represent average annual expenditures, and their relative importance ratios show approximately how the index population distributes expenditures among the components. The relative importance of a component is its expenditure or value weight expressed as a percentage of all items within an area or an area within the U.S. city average and size class, region and region size class, and metropolitan areas. Table 7 contains the relative importance of the all items index for the U.S. Tables 2 through 6 contain data for selected categories for the regions, metropolitan areas, population size classes, and cross-classifications of area and population size class. In years where the weights used in the construction of the CPI are updated, table 1 is produced using both the old and new weights to allow users to compare them. Relative importance data is also published monthly at the U.S. BLS publishes this data once a year, using December data.
These data are to be used in conjunction with the CPI-U and CPI-W released in that same year. We produce relative importance of components in the Consumer Price Index for All Urban Consumers (CPI-U) and the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). Relative Importance and Weight Information for the Consumer Price Indexes
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