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New Data: China - CPI - Index and SA
Friday, 02 Mar 2012 09:27 ET
By Megan Perkinson
Summary
February 2012 -- To supplement reported consumer price trends, Moody's Analytics has computed an index in NSA and SA versions (two new monthly series from 1986).
Detail

Motivation: Our national source for China reports consumer price trends as month-over-month and year-over-year growth rates, which are inconvenient for long-term analysis.

Response: For international consistency, we have computed an index with a single base year, and a seasonally adjusted version of sameĀ (series CPITTUM.ICHN and CPITTAM.ICHN, respectively).

Properties: Both series begin in January 1986 and have a base of 2005=100. Expect the NSA series to remain in sync with the reported values, and for the SA series to be revised with each new historical value appended to the NSA series.

Method:

  • Input: CP%TTUM.ICHN, Reported Y/Y percent change, starts January 1987.
  • Input: CP%TTMUM.ICHN, Reported M/M percent change, starts January 2005.
  1. Create index CPITTUM.ICHN using the M/M growth rates of CP%TTMUM.ICHN from January 2005 to December 2005. (We use only part of this series because the Y/Y has official primacy.)
  2. Grow the index forward and backward using the reported Y/Y percent change, CP%TTUM.ICHN.
  3. Rebase the index to 2005=100 by dividing the entire series by the average of its 12 values in 2005.
  4. Seasonally adjust using the U.S. Census Bureau's X-12 ARIMA program, producing CPITTAM.ICHN.
Other
Related ReleaseConsumer Price Index
SourceNational Bureau of Statistics of the People's Republic of China
FrequencyMonthly
GeographyChina, People's Republic of
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