Finland Adds MP3 Player to the Consumer Price Index

Industry

By: Grahm Skee on February 17, 2006 12:38 PM

For those who slept through Economics 101, the Consumer Price Index (CPI) is an index which statistically tracks the prices of a specified set or “market basket” of consumer goods and services. This provides a measure of inflation and a basic representation of cost-of-living.

Statistics Finland revised 22 percent of this market basket adding new items such as the MP3 player and taking out antiquated consumer technology such as the VCR, video cassette, and roll of film.

Which MP3 player was added? There was no single MP3 player. The way the CPI calculates the price for “the MP3 player” is derived from a culmination of several different MP3 players from several different stores.

This concludes your Economics lesson for the day.

[eFinland]

Comments

mike on February 22, 2006 3:16 PM

who was the einstein who thought this up?

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