scholarly journals The Billion Prices Project: Using Online Prices for Measurement and Research

2016 ◽  
Vol 30 (2) ◽  
pp. 151-178 ◽  
Author(s):  
Alberto Cavallo ◽  
Roberto Rigobon
Keyword(s):  
Price Index ◽  
Consumer Price Index ◽  
Economic Research ◽  
Sources Of Information ◽  
Advantages And Disadvantages ◽  
Reliable Source ◽  
Price Indexes ◽  
Retail Prices ◽  
Project Data ◽  
Source Of Information

A large and growing share of retail prices all over the world are posted online on the websites of retailers. This is a massive and (until recently) untapped source of retail price information. Our objective with the Billion Prices Project, created at MIT in 2008, is to experiment with these new sources of information to improve the computation of traditional economic indicators, starting with the Consumer Price Index. We also seek to understand whether online prices have distinct dynamics, their advantages and disadvantages, and whether they can serve as reliable source of information for economic research. The word “billion” in Billion Prices Project was simply meant to express our desire to collect a massive amount of prices, though we in fact reached that number of observations in less than two years. By 2010, we were collecting 5 million prices every day from over 300 retailers in 50 countries. We describe the methodology used to compute online price indexes and show how they co-move with consumer price indexes in most countries. We also use our price data to study price stickiness, and to investigate the “law of one price” in international economics. Finally we describe how the Billion Prices Project data are publicly shared and discuss why data collection is an important endeavor that macro- and international economists should pursue more often.

Wholesale and Retail Prices in the Nineteenth Century

1958 ◽  
Vol 18 (3) ◽  
pp. 298-316 ◽  
Author(s):  
Ethel D. Hoover
Keyword(s):  
World War I ◽  
Price Index ◽  
Consumer Price Index ◽  
Wholesale Price ◽  
Department Of Agriculture ◽  
Goods And Services ◽  
Wholesale Price Index ◽  
Price Indexes ◽  
Retail Prices ◽  
Bureau Of Labor Statistics

Today's best-known price indexes for Wholesale Price and Consumer Price Indexesthe Unitedof theStates are the Bureau of Labor Statistics, and the Indexes of Prices Received and Paid by Farmers, issued by the Department of Agriculture. These indexes, however, are comparatively new. The “Wholesale Price Index” dates from 1902 with indexes covering the years 1890-1901. The “Consumer Price Index” is of even more recent origin. Retail food price indexes were established on a regular basis in 1901, again with data back to 1890. Other goods and services were not added until after World War I, with estimates back to 1913 based on special studies in shipbuilding cities. The “Index of Prices Received by Farmers” was issued by the Department of Agriculture in 1924 and “Prices Paid by Farmers” in 1928. Botfi of these series were extended back to 1910.

scholarly journals The Price to Consumers of Generic Pharmaceuticals: Beyond the Headlines

2020 ◽  
pp. 107755872092110
Author(s):  
Richard G. Frank ◽  
Andrew Hicks ◽  
Ernst R. Berndt
Keyword(s):  
Prescription Drugs ◽  
Price Index ◽  
Generic Drugs ◽  
Consumer Price Index ◽  
The United States ◽  
Out Of Pocket Payments ◽  
Price Indexes ◽  
The Media ◽  
Generic Pharmaceuticals ◽  
Total Price

Generic drug prices have received a great deal of attention in the past few years. Many agencies have conducted investigations into the pricing patterns for generic drugs. Price spikes for several specific generic drugs have also been widely reported in the media. Today, 90% of all retail prescriptions sold in the United States are generic drugs. Thus, these prices affect affordability of prescription drugs. We construct two Laspeyres chained price indexes for generic prescription drugs. The first reflects direct out-of-pocket payments by consumers to pharmacies for dispensing generic prescription drugs. The second measures the total price received by the pharmacy (the direct out-of-pocket payment plus the price paid to the pharmacy by the insurer). The chained direct out-of-pocket consumer price index we construct shows a roughly 50% decline for generic prescription drugs between 2007 and 2016. The total consumer price index for generic prescription drugs fell by nearly 80%.

Retail and Consumer Prices, 1955-1963

1964 ◽  
Vol 30 ◽  
pp. 44-51 ◽  
Author(s):  
W. A. H. Godley ◽  
D. A. Rowe
Keyword(s):  
Price Index ◽  
Consumer Price Index ◽  
National Income ◽  
Food Prices ◽  
The Other ◽  
Short Term ◽  
Unit Costs ◽  
Correct Analysis ◽  
Consumer Prices ◽  
Retail Prices

This paper gives an account of a method of forecasting the Ministry of Labour's retail prices index, and of deriving from it a forecast of the consumer price index. (This is the index used in the National Income statistics to deflate the value of consumers' expenditure to volume terms.) Good forecasting obviously has to be based on a correct analysis of the factors which determine price changes; the article throws light on the way in which cost changes are taken into account when prices are changed. It seems that retail prices (apart from seasonal food prices) do not respond directly to short-term fluctuations in demand and output. Businessmen do not raise prices because demand suddenly rises; nor on the other hand do they lower them when output moves up sharply and unit costs fall. The analysis, therefore, provides further support for the ‘normal cost’ theory of pricing—that businessmen set prices by calculating their costs when working at some normal capacity, and add a conventional margin.

scholarly journals Consumer Price Index Manual, 2020

2020 ◽  
Author(s):  
Brian Graf
Keyword(s):  
Price Index ◽  
Consumer Price Index ◽  
Advantages And Disadvantages ◽  
Comprehensive Information

The Consumer Price Index Manual: Concepts and Methods contains comprehensive information and explanations on compiling a consumer price index (CPI). The Manual provides an overview of the methods and practices national statistical offices (NSOs) should consider when making decisions on how to deal with the various problems in the compilation of a CPI. The chapters cover many topics. They elaborate on the different practices currently in use, propose alternatives whenever possible, and discuss the advantages and disadvantages of each alternative. The primary purpose of the Manual is to assist countries in producing CPIs that reflect internationally recommended methods and practices.

Analysis of Relationships and Causality between Consumer Price Index (CPI), the Producer Price Index (PPI) and Purchasing Manager’s Index (PMI) in South Africa

2018 ◽  
Vol 10 (6) ◽  
pp. 25 ◽  
Author(s):  
Daniel Francois Meyer ◽  
Thomas Habanabakize
Keyword(s):  
South Africa ◽  
Price Index ◽  
Econometric Model ◽  
Consumer Price Index ◽  
Economic Research ◽  
Producer Price ◽  
Correction Model ◽  
Producer Price Index ◽  
Long Run ◽  
Short Run

The variables the consumer price index (CPI), the producer price index (PPI) and the purchasing managers’ index (PMI) and play major roles in economic forecasting. The overall objective of this study is to assess the inter-relationships between CPI, PPI and PMI as predicting variables. This study is quantitative in nature and employed an ARDL econometric model, error correction model (ECM) and Granger causality approaches to establish long and short-run relationships. The ARDL method was used due to the fact that the variables had a mix of stationarity at levels I (0) and the first difference I (1). Quarterly datasets were obtained from Statistics South Africa (Stats SA) and the Bureau of Economic Research (BER) for the period 2000 to 2017. Results from the estimations discovered that variables cointegrate in the long-run. Additionally, evidence of short-run relationships has been determined using ECM. Furthermore, causal relationships were also analysed with results indicating that CPI causes PMI and PPI causes PMI. The implication of the research is the confirmation of the importance of relationships between CPI, PPI and PMI, which is especially significant in the short-run and the three index indicators are important macro-economic indicators for changes in overall economic activity on a macro level.

scholarly journals Natural Health Products: Practices, Perceptions and Training Needs of Registered Dietitians

2016 ◽  
Vol 6 (1) ◽  
pp. 87
Author(s):  
Valerie Dussault ◽  
Marie Marquis
Keyword(s):  
Natural Health Products ◽  
Sources Of Information ◽  
Registered Dietitians ◽  
Natural Health ◽  
Electronic Survey ◽  
Nutritional Advice ◽  
Reliable Source ◽  
Health Products ◽  
Source Of Information ◽  
And Training

Canadians have access to thousands of authorized natural health products (NHPs) and are also surrounded by many unauthorized NHPs, which may place them at risk of adverse effects. Consumers expect health professionals, including nutritionists, to be a source of information on NHPs. Current training programs suggest that registered dietitians may have little knowledge about NHPs. The Ordre professionnel des diététistes du Quebec (OPDQ) sent an electronic survey to registered dietitians who are members of the OPDQ to document their use, referral habits and sources of information for NHPs. The survey also explored respondents’ perceptions of professional roles regarding NHPs as well as their perceptions of the effectiveness of specific NHPs. It measured their need for training on specific NHPs and on the health conditions that may be improved by NHPs. Data were analyzed with SPSS, through which descriptive statistics were obtained. A qualitative analysis was performed on the open-ended questions from the survey. A total of 295 questionnaires were analyzed. Among nutritionists, 93% have received requests for information about NHPs, 91% use or have used NHPs and 94% have recommended them. Also, 95% need training on NHPs and for various health considerations. Overall, they have a positive perception of their roles regarding this subject, with 77% indicating that the nutritionist should be a reliable source of information for NHPs. The major findings of our study are that the roles of Quebec nutritionists relating to NHPs are not clearly defined. Nutritionists need training on NHPs to provide sound nutritional advice for NHP users and, therefore, should develop a new area of nutritional practice. 

scholarly journals The use of web-scraped data to analyze the dynamics of footwear prices

2021 ◽  
Vol 43 ◽  
pp. 251-269
Author(s):  
Adam Juszczak ◽  
Keyword(s):  
Price Index ◽  
Online Shopping ◽  
Price Change ◽  
Consumer Price Index ◽  
Jel Classification ◽  
Full Data ◽  
Data Set ◽  
Web Scraping ◽  
Price Indexes ◽  
The Difference

Aim/purpose – Web-scraping is a technique used to automatically extract data from websites. After the rise-up of online shopping, it allows the acquisition of information about prices of goods sold by retailers such as supermarkets or internet shops. This study examines the possibility of using web-scrapped data from one clothing store. It aims at comparing known price index formulas being implemented to the web-scraping case and verifying their sensitivity on the choice of data filter type. Design/methodology/approach – The author uses the price data scrapped from one of the biggest online shops in Poland. The data were obtained as part of eCPI (electronic Consumer Price Index) project conducted by the National Bank of Poland. The author decided to select three types of products for this analysis – female ballerinas, male shoes, and male oxfords to compare their prices in over one-year time period. Six price indexes were used for calculation – The Jevons and Dutot indexes with their chain and GEKS (acronym from the names of creators – Gini–Éltető–Köves–Szulc) versions. Apart from the analysis conducted on a full data set, the author introduced filters to remove outliers. Findings – Clothing and footwear are considered one of the most difficult groups of goods to measure price change indexes due to high product churn, which undermines the possibility to use the traditional Jevons and Dutot indexes. However, it is possible to use chained indexes and GEKS indexes instead. Still, these indexes are fairly sensitive to large price changes. As observed in case of both product groups, the results provided by the GEKS and chained versions of indexes were different, which could lead to conclu- sion that even though they are lending promising results, they could be better suited for other COICOP (Classification of Individual Consumption by Purpose) groups. Research implications/limitations – The findings of the paper showed that usage of filters did not significantly reduce the difference between price indexes based on GEKS and chain formulas. Originality/value/contribution – The usage of web-scrapped data is a fairly new topic in the literature. Research on the possibility of using different price indexes provides useful insights for future usage of these data by statistics offices. Keywords: inflation, CPI, web-scraping, online shopping, big data. JEL Classification: C43, C49

scholarly journals Botswana

2019 ◽  
Vol 19 (158) ◽  
pp. 1
Author(s):  
Keyword(s):  
Price Index ◽  
Technical Assistance ◽  
Consumer Price Index ◽  
National Accounts ◽  
Producer Price ◽  
Inflationary Pressure ◽  
Current Consumption ◽  
Price Indexes ◽  
Southern Africa Development Community ◽  
Volume Estimates

A technical assistance (TA) mission was conducted by AFRITAC South (AFS)1 during February 4–15, 2019 in response to a request from Statistics Botswana (SB) to assist with updating the consumer price index (CPI) and to review progress with the development of the producer price index (PPI). A previous mission to assist with developing PPIs was held in April–May 2018. A broad range of representative price indexes are essential in understanding inflationary pressure in the economy and to better-inform economic policy making by the authorities. An updated CPI more broadly reflects current consumption patterns of households in Botswana and meets the requirements of the Southern Africa Development Community. National accounts have expressed the need for PPIs to develop more reliable volume estimates of economic growth for Botswana.

scholarly journals Analysis of Relationships and Causality between Consumer Price Index (CPI), the Producer Price Index (PPI) and Purchasing Manager’s Index (PMI) in South Africa

2018 ◽  
Vol 10 (6(J)) ◽  
pp. 25-32
Author(s):  
Daniel Francois Meyer ◽  
Thomas Habanabakize
Keyword(s):  
South Africa ◽  
Price Index ◽  
Econometric Model ◽  
Consumer Price Index ◽  
Economic Research ◽  
Producer Price ◽  
Correction Model ◽  
Producer Price Index ◽  
Long Run ◽  
Short Run

The variables the consumer price index (CPI), the producer price index (PPI) and the purchasing managers’ index (PMI) and play major roles in economic forecasting. The overall objective of this study is to assess the inter-relationships between CPI, PPI and PMI as predicting variables. This study is quantitative in nature and employed an ARDL econometric model, error correction model (ECM) and Granger causality approaches to establish long and short-run relationships. The ARDL method was used due to the fact that the variables had a mix of stationarity at levels I (0) and the first difference I (1). Quarterly datasets were obtained from Statistics South Africa (Stats SA) and the Bureau of Economic Research (BER) for the period 2000 to 2017. Results from the estimations discovered that variables cointegrate in the long-run. Additionally, evidence of short-run relationships has been determined using ECM. Furthermore, causal relationships were also analysed with results indicating that CPI causes PMI and PPI causes PMI. The implication of the research is the confirmation of the importance of relationships between CPI, PPI and PMI, which is especially significant in the short-run and the three index indicators are important macro-economic indicators for changes in overall economic activity on a macro level.

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