Consumer Price Index and Inflation, New series
As part of GSS continuous commitment to improving on the quality of her products, the CPI has been rebased. The new series has 2018 as the reference period and it is an expanded basket over the previous one which had 2012 as the reference period. This adequately reflects the peoples’ purchasing habit. There are 307 items in the new basket compared with the 267 in the old basket. The points of data collection has also increased from 42 markets in the old basket to 44 markets in this new series. The new series has taken into account changes in consumption pattern over time. One major change in the new series is the adoption of COICOP 2018 for the re-classification of items in the basket. This resulted in some items moving across Divisions and Groups.
The Consumer Price Index (CPI) in general measures the change over time in the general price level of goods and services that households acquire for the purpose of consumption.