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Using Engel Curves to Estimate the Bias in the Australian CPI

Economics

Using Engel Curves to Estimate the Bias in the Australian CPI

G. F. Barrett and M. Brzozowski

This research by Garry F. Barrett and Matthew Brzozowski dives into the accuracy of the Australian Consumer Price Index (CPI) as a measure of living costs. It reveals that the CPI overstated the change in living costs by a staggering 34% from 1975 to 2004, particularly affecting single adults and lone-mother families. Find out more!

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Playback language: English
Abstract
This article evaluates the accuracy of the Australian Consumer Price Index (CPI) as a cost of living index by analyzing CPI-deflated food Engel curves using data from the Australian Bureau of Statistics Household Expenditure Surveys (1975/76-2003/04). The findings indicate the Australian CPI overstated the change in the general cost of living by 34% between 1975/76 and 2003/04, with significant inaccuracies for single adults and lone-mother families, while being relatively accurate for two-adult and working families.
Publisher
Economic Record
Published On
Mar 01, 2010
Authors
Garry F. Barrett, Matthew Brzozowski
Tags
Australian Consumer Price Index
cost of living
Engel curves
Household Expenditure Surveys
economic accuracy

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