Construction of consumer price index

Construction of a Consumer Price Index

The following are the steps in constructing a consumer price index:

(1)    Decisions about the class of people for whom the index is meant. It is absolutely essential to decide clearly the class of people for whom the index is meant, i.e., whether it relates to industrial workers, teachers, officers, etc. The scope of the index must be clearly defined. For example, when we talk to teachers, we are referring to primary teachers, middle class teachers, etc., or to all the teachers taken together. Along with the class of people it is also necessary to decide the geographical are covered by the index. Thus in the example taken above it is to be decided whether all the teachers living in Delhi are __________ _________ _____ __________ ________ _______ ____ _____ __________ ___ _________.
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