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Treatment of clothing and footwear – new Regulation

Treatment of clothing and footwear – new Regulation. Definitions Minimum standards Impact on Norwegian HICP. Definitions. “Seasonal products” goods and services not available for purchase,

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Treatment of clothing and footwear – new Regulation

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  1. Treatment of clothing and footwear – new Regulation Definitions Minimum standards Impact on Norwegian HICP

  2. Definitions • “Seasonal products” • goods and services not available for purchase, • or purchased in small or negligible volumes, for certain periods in a typical annual cyclical pattern. • “Counter-seasonal estimation” • first month out-of-season period - estimated price is equal to a typical price observed in the previous in-season period • second month - adjusted by the change in observed prices on average over all seasonal products that are in-season in the same subdivision of COICOP/HICP

  3. Definitions • “All-seasonal estimation” • first month out-of-season period - estimated price is equal to a typical price observed in the previous in-season period • second month - adjusted by the change in observed prices on average over all available products in the same subdivision of COICOP/HICP, • “Strict annual weights index” • a price index using weightings that do not differ between months within the same year at all levels of index calculation;

  4. Definitions • “Class-confined seasonal weights index” • a price index using weightings that within the same year do not differ between months for any COICOP/HICP subdivision taken as a whole, — do not differ between months for products within any COICOP/HICP subdivision that does not contain any seasonal product.

  5. Regulation • Minimum standards • In any given month, seasonal products shall be deemed to be either in-season or out-of-season. In-season periods may vary from one year to another. • An HICP sub-index at elementary product group level shall be a strict annual weights index or a class-confined seasonal weights index. • Shall apply to seasonal products within the following COICOP/HICP classes and groups: • 01.1.3 Fish • 01.1.6 Fruit • 01.1.7 Vegetables • 03.1 Clothing • 03.2 Footwear

  6. HICP as a strict annual weights index; • Estimated price for a product-offer of a seasonal product that is out-of-season shall be defined either by; • counter-seasonal estimation • or by all-seasonal estimation • Estimations may be performed at a more detailed level than the subdivision of COICOP/HICP, such as for strata if a stratified sample is being used

  7. Class-confined seasonal weights index; • Seasonal product that is out-of-season shall have a weight of zero • Seasonal weights may also be established at a more detailed level

  8. Impact Norwegian HICP • Changes in the methodology as of January 2011 due to the regulation index Out-of season x x x x x x x x x x x x x x x time

  9. Impact Norwegian HICP • Minor • Limited number of products classified as seasonal products in the Norwegian HICP/CPI • Indices more volatile on product level, but the effects seem to be temporarily • Impact on the Norwegian HICP/CPI in February/March and August/September • The effect on the all-item index is estimated to be less than 0.1 percentage point

  10. Questions or comments?

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