Bank of Canada sets out pandemic-adjusted CPI methodology
Pandemic triggered rapid shift in consumers’ spending habits
Economists at the Bank of Canada have shed light on the method they used to construct an alternative measure of inflation during the Covid-19 pandemic.
Central bank economists Kim Huynh, Helen Lao, Patrick Sabourin and Angelika Welte worked with Statistics Canada to construct the alternative index, based on high-frequency spending data gathered from payments firms.
The team mapped the high-frequency data onto the components of the headline CPI index to estimate how the weightings on different
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