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The first Accord was broad in scope, covering wages, prices, non-wage remuneration, taxation, and government expenditure. It aimed to provide a "social wage" in lieu of wage rises. Some of its key outcomes included the following. Full wage indexation to the Consumer Price Index (CPI), meaning that wages were fixed to the cost of living. [5]
In New Zealand, the official cash rate (OCR) is set by the Reserve Bank of New Zealand to meet the inflation target specified in the Policy Targets Agreement. The current agreement, signed in December 2008, defines price stability as annual increases in the Consumers Price Index (CPI) of between 1 and 3% on average over the medium term. [4]
Australian consumer price inflation will be reduced sharply in the June quarter due to a government decision to make child care free as part of a stimulus package for the coronavirus crisis, the ...
The Chained Consumer Price Index C-CPI-U, a chained index, has been introduced. The C-CPI-U tries to mitigate the substitution bias that is encountered in CPI-W and CPI-U by employing a Tornqvist formula and utilizing expenditure data in adjacent time periods in order to reflect the effect of any substitution that consumers make across item ...
World map by inflation rate (consumer prices), 2023, according to World Bank This is the list of countries by inflation rate. The list includes sovereign states and self-governing dependent territories based upon the ISO standard ISO 3166-1. Inflation rate is defined as the annual percent change in consumer prices compared with the previous year's consumer prices. Inflation is a positive value ...
A CPI is a statistical estimate constructed using the prices of a sample of representative items whose prices are collected periodically. Sub-indices and sub-sub-indices can be computed for different categories and sub-categories of goods and services, which are combined to produce the overall index with weights reflecting their shares in the total of the consumer expenditures covered by the ...
The Australian Bureau of Statistics Act 1975 established the ABS as a statutory authority headed by the Australian Statistician, who reported to the federal Treasurer. [9] In 2015, the Australian Government announced a $250 million five-year investment in the ABS to modernise its systems and processes. [11]
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