Improving the Quality of Regional Economic Indicators: Regional Consumer Prices

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Abstract

Building on previous work this paper provides updated prices and inflation estimates for the twelve NUTS-1 regions of the UK. One key issue previously noted when moving to regional prices estimates is the reduction in LCFS sample size leading to unstable weights. In this paper, we investigate the data sources to produce regional expenditure estimates, attempting to increase the accuracy of CPIH estimates. The primary focus is on the Regional Household Final Consumption Expenditure measure (HFCE) publication for use as estimates for regional expenditure weights. While we were able to update the UK regional CPIH estimates to 2020 using other data sources we still encounter similar problems to Dawber and Smith (2017), with the small sample size of the price databases being problematic for the calculation of CPIH indices.
Original languageEnglish
Place of PublicationLondon
Pages1-25
Number of pages27
Publication statusPublished - 1 Oct 2021

Publication series

NameESCoE Discussion Paper
PublisherEconomic Statistics Centre of Excellence
No.13
Volume2021
ISSN (Print)2515-4664

Keywords

  • regional economic development
  • economics
  • consumer price index
  • CPI
  • Consumer Prices Index including owner occupiers' housing costs (CPIH)
  • price inflation

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