treatment of clothing and footwear new regulation n.
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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

Treatment of clothing and footwear – new Regulation

Definitions

Minimum standards

Impact on Norwegian HICP

definitions
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
definitions1
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;
definitions2
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.
regulation
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
hicp as a strict annual weights index
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
class confined seasonal weights index
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
impact norwegian hicp
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

impact norwegian hicp1
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