Modernizing data collection for the Consumer Price Index
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This article discusses collection of data by US Bureau of Labor Statistics (BLS) for use in the Consumer Price Index (CPI), and the new approaches BLS is taking to modernize data collection, including an expansion of its corporate data collection program. As the providers of corporate data, the business community can help the BLS with this modernization initiative. The first section gives an overview of the CPI and traditional data collection methods. The second section explains various types of alternative data BLS is experimenting with and using, and elaborates on corporate data. The last section explains BLS research and uses of corporate data and their advantages for BLS, taxpayers, and the business community.
KeywordsConsumer Price Index CPI Corporate collection Alternative data Modernization
The author thanks David Friedman, BLS Associate Commissioner for Prices and Living Conditions, for his comments and editorial support.
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