Inflation Measurement

Posted: 2 Jul 2021 Last revised: 1 Jul 2021

See all articles by David E. Lebow

David E. Lebow

Board of Governors of the Federal Reserve System

Jeremy B. Rudd

Board of Governors of the Federal Reserve System

Multiple version iconThere are 2 versions of this paper

Date Written: 2006

Abstract

Inflation measurement is the process through which changes in the prices of individual goods and services are combined to yield a measure of general price change. This paper discusses the conceptual framework for thinking about inflation measurement and considers practical issues associated with determining an inflation measure's scope; with measuring individual prices; and with combining these individual prices into a measure of aggregate inflation. We also discuss the concept of \"core inflation,\" and summarize the implications of inflation measurement for economic theory and policy.

Suggested Citation

Lebow, David E. and Rudd, Jeremy B., Inflation Measurement (2006). FEDS Working Paper No. 2006-43, Available at SSRN: https://ssrn.com/abstract=3877812

David E. Lebow (Contact Author)

Board of Governors of the Federal Reserve System ( email )

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Jeremy B. Rudd

Board of Governors of the Federal Reserve System ( email )

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Washington, DC 20551
United States
202-452-3780 (Phone)
202-452-3819 (Fax)

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