A Practical Introduction to Index Numbers

From inflation and GDP to retail sales and share prices, many of the most important economic statistics are published as index numbers.Official statistics based on index numbers are used by almost every country in the world. The representation of data in index numbers form is a valuable statistical technique for understanding and communicating change; it allows useful comparisons to be made that would not otherwise be possible. This book provides a comprehensive introduction to measuring change with index numbers.Key features :* Introduces the theoretical background to the subject including a description of the most commonly used price and quantity index formulae* Covers the practical techniques needed when using index numbers, including chain linking and deflation* Describes the application of index numbers with a focus on economic statistics, especially the general level of prices and inflation, as well as the wider application of the technique to both economic and non-economic spheres* Reviews current issues and developments in the field* Includes easy to follow examples and exercises with solutionsWritten by authors with wide expertise in the practice and development of index numbers, A Practical Introduction to Index Numbers has been designed for students new to this subject, and will be an ideal accompanying text for those taking the Royal Statistical Society's Ordinary and Higher examinations. The book will also provide a valuable resource for users of Official Statistics who would like to enhance their knowledge of this important area.