{"disclaimer":"Transcripts available through this tool are created by using automatic speech recognition and are not official records nor official documents of the United Nations. Official records and official documents are available on the Official Document System of the United Nations.","url":"https://transcripts.un.org/en/asset/k14/k1424x5g53","llms":{"note":"Plain-text sibling of this page, compact for LLM context. For the full API guide (search, listing, URL grammar) see /llms.txt.","textUrl":"/en/asset/k14/k1424x5g53.txt","guide":"/llms.txt"},"video":{"id":"k14/k1424x5g53","kaltura_id":"1_424x5g53","title":"2nd Session, Meeting of the Group of Experts on Consumer Price Indices","clean_title":"2nd Session, Meeting of the Group of Experts on Consumer Price Indices","url":"https://webtv.un.org/en/asset/k14/k1424x5g53","date":"2025-04-28T00:00:00.000Z","scheduled_time":"2025-04-28T13:00:00.000Z","status":"finished","duration":"02:36:27","category":"Meetings & Events","body":null,"event_code":null,"event_type":null,"session_number":null,"pv_symbol":null,"pv_part":null,"slug":"asset/k14/k1424x5g53"},"metadata":{"summary":null,"description":null,"categories":[],"geographic_subject":[],"subject_topical":[],"corporate_name":[],"speaker_affiliation":[],"related_documents":[]},"transcript":{"transcript_id":"azure-llm-speech-7e33735b-2760-41a3-97a2-82fc9a9d5936","language":"en","data":[{"statement_number":1,"start":8.59,"pageUrl":"/en/asset/k14/k1424x5g53?t=0:09","paragraphs":[{"sentences":[{"text":"Okay, welcome back, everyone.","start":8.59,"end":10.19,"topics":[],"words":[{"text":"Okay,","start":8.59,"end":8.91},{"text":"welcome","start":8.91,"end":9.31},{"text":"back,","start":9.31,"end":9.55},{"text":"everyone.","start":9.55,"end":10.19}]},{"text":"I hope you enjoyed the poster session.","start":10.83,"end":12.31,"topics":[],"words":[{"text":"I","start":10.83,"end":10.91},{"text":"hope","start":10.91,"end":11.11},{"text":"you","start":11.11,"end":11.19},{"text":"enjoyed","start":11.19,"end":11.47},{"text":"the","start":11.47,"end":11.55},{"text":"poster","start":11.55,"end":11.87},{"text":"session.","start":11.87,"end":12.31}]},{"text":"A big thank you to everyone involved in presenting.","start":12.31,"end":15.23,"topics":[],"words":[{"text":"A","start":12.31,"end":12.35},{"text":"big","start":12.35,"end":12.59},{"text":"thank","start":12.59,"end":12.87},{"text":"you","start":12.87,"end":12.99},{"text":"to","start":12.99,"end":13.11},{"text":"everyone","start":13.11,"end":13.51},{"text":"involved","start":13.51,"end":14.03},{"text":"in","start":14.43,"end":14.55},{"text":"presenting.","start":14.55,"end":15.23}]},{"text":"I thought it went really well, lots of interesting discussion.","start":15.23,"end":17.63,"topics":[],"words":[{"text":"I","start":15.23,"end":15.39},{"text":"thought","start":15.39,"end":15.55},{"text":"it","start":15.55,"end":15.63},{"text":"went","start":15.63,"end":15.79},{"text":"really","start":15.79,"end":16.03},{"text":"well,","start":16.03,"end":16.31},{"text":"lots","start":16.31,"end":16.47},{"text":"of","start":16.47,"end":16.55},{"text":"interesting","start":16.55,"end":17.11},{"text":"discussion.","start":17.11,"end":17.63}]},{"text":"So my job here is easy, because I'm going to hand over to Jill, who's going to chair this session on household cost indices.","start":18.19,"end":24.51,"topics":[{"key":"household-cost-indices","label":"Household Cost Indices","description":"A major theme was the development of household cost indices as complementary measures to standard consumer price indices. 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for this particular one, with the agreement of both speakers, we're going to do things a little bit 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looking at the concepts of household cost indices, we have agreed that we will take the two presentations one after the other and then have a joint discussion session after that.","start":123.19,"end":138.79,"topics":[{"key":"household-cost-indices","label":"Household Cost Indices","description":"A major theme was the development of household cost indices as complementary measures to standard consumer price indices. 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confusion."}],"words":[{"text":"Index","start":648.83,"end":649.59},{"text":"specifically","start":649.59,"end":650.27},{"text":"tailored","start":650.27,"end":650.71},{"text":"to","start":650.71,"end":650.99},{"text":"our","start":650.99,"end":651.39},{"text":"retirement","start":651.55,"end":652.15},{"text":"recipients,","start":652.15,"end":652.83},{"text":"and","start":652.99,"end":653.11},{"text":"we're","start":653.11,"end":653.27},{"text":"defining","start":653.27,"end":653.71},{"text":"that","start":653.71,"end":654.03},{"text":"as","start":654.03,"end":654.23},{"text":"any","start":654.23,"end":654.83},{"text":"household","start":654.83,"end":655.27},{"text":"that","start":655.27,"end":655.39},{"text":"receives","start":655.39,"end":655.87},{"text":"any","start":655.95,"end":656.35},{"text":"Social","start":656.35,"end":656.83},{"text":"Security","start":656.83,"end":657.55},{"text":"income.","start":657.55,"end":658.03}]},{"text":"So here's a histogram of what those households look like.","start":658.27,"end":660.99,"topics":[],"words":[{"text":"So","start":658.27,"end":658.43},{"text":"here's","start":658.43,"end":658.71},{"text":"a","start":658.71,"end":658.75},{"text":"histogram","start":658.75,"end":659.39},{"text":"of","start":659.39,"end":659.59},{"text":"what","start":659.59,"end":659.83},{"text":"those","start":659.83,"end":660.03},{"text":"households","start":660.03,"end":660.59},{"text":"look","start":660.59,"end":660.75},{"text":"like.","start":660.75,"end":660.99}]},{"text":"I have a sample from our spending survey from 2016 to 2018, so three years of data, and I'm keeping in the sample households that participate for a full 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I have full year spending on each household in the sample, the sample size is just shy of 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percentage of Social Security or retirement income as a percentage of all household 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it's relatively stable and flat except on the far right.","start":685.51,"end":690.95,"topics":[],"words":[{"text":"So","start":685.51,"end":685.59},{"text":"it's","start":685.59,"end":685.83},{"text":"relatively","start":685.83,"end":686.71},{"text":"stable","start":687.99,"end":688.51},{"text":"and","start":688.51,"end":688.67},{"text":"flat","start":688.67,"end":689.03},{"text":"except","start":689.03,"end":689.59},{"text":"on","start":690.15,"end":690.27},{"text":"the","start":690.27,"end":690.39},{"text":"far","start":690.39,"end":690.75},{"text":"right.","start":690.75,"end":690.95}]},{"text":"So these are folks.","start":690.95,"end":691.99,"topics":[],"words":[{"text":"So","start":690.95,"end":691.11},{"text":"these","start":691.11,"end":691.35},{"text":"are","start":691.35,"end":691.43},{"text":"folks.","start":691.43,"end":691.99}]}]},{"sentences":[{"text":"That have 95% or more of their total income sourced from 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This methodological choice was presented as central to whether an index reflects average household experience or the spending patterns of higher-expenditure households."}],"words":[{"text":"And","start":1270.35,"end":1270.51},{"text":"I","start":1270.51,"end":1270.59},{"text":"think","start":1270.59,"end":1270.75},{"text":"there's","start":1270.75,"end":1271.03},{"text":"a","start":1271.03,"end":1271.07},{"text":"way","start":1271.07,"end":1271.23},{"text":"that","start":1271.23,"end":1271.35},{"text":"we","start":1271.35,"end":1271.47},{"text":"can","start":1271.47,"end":1271.71},{"text":"do","start":1271.71,"end":1271.87},{"text":"a","start":1271.87,"end":1271.95},{"text":"superlative","start":1271.95,"end":1272.59},{"text":"measure","start":1272.67,"end":1272.95},{"text":"which","start":1272.95,"end":1273.11},{"text":"is","start":1273.11,"end":1273.23},{"text":"listed","start":1273.23,"end":1273.51},{"text":"here.","start":1273.51,"end":1273.71}]},{"text":"So I'm out of time, I've gone three minutes over, so I'm gonna see the, yeah.","start":1273.71,"end":1277.15,"topics":[],"words":[{"text":"So","start":1273.71,"end":1273.79},{"text":"I'm","start":1273.79,"end":1273.99},{"text":"out","start":1273.99,"end":1274.07},{"text":"of","start":1274.07,"end":1274.19},{"text":"time,","start":1274.19,"end":1274.43},{"text":"I've","start":1274.43,"end":1274.55},{"text":"gone","start":1274.55,"end":1274.71},{"text":"three","start":1274.71,"end":1274.91},{"text":"minutes","start":1274.91,"end":1275.15},{"text":"over,","start":1275.15,"end":1275.47},{"text":"so","start":1275.63,"end":1275.71},{"text":"I'm","start":1275.71,"end":1275.91},{"text":"gonna","start":1275.91,"end":1276.11},{"text":"see","start":1276.11,"end":1276.27},{"text":"the,","start":1276.27,"end":1276.43},{"text":"yeah.","start":1276.99,"end":1277.15}]},{"text":"Also, we do have, a lot of our research is out there on the internet already, so some of the links are provided here.","start":1277.47,"end":1282.67,"topics":[],"words":[{"text":"Also,","start":1277.47,"end":1277.87},{"text":"we","start":1277.87,"end":1277.99},{"text":"do","start":1277.99,"end":1278.19},{"text":"have,","start":1278.19,"end":1278.39},{"text":"a","start":1278.51,"end":1278.55},{"text":"lot","start":1278.55,"end":1278.71},{"text":"of","start":1278.71,"end":1278.79},{"text":"our","start":1278.79,"end":1278.95},{"text":"research","start":1278.95,"end":1279.27},{"text":"is","start":1279.27,"end":1279.39},{"text":"out","start":1279.39,"end":1279.63},{"text":"there","start":1279.63,"end":1279.79},{"text":"on","start":1279.79,"end":1279.91},{"text":"the","start":1279.91,"end":1279.99},{"text":"internet","start":1279.99,"end":1280.43},{"text":"already,","start":1280.43,"end":1280.91},{"text":"so","start":1280.91,"end":1281.07},{"text":"some","start":1281.15,"end":1281.35},{"text":"of","start":1281.35,"end":1281.43},{"text":"the","start":1281.43,"end":1281.51},{"text":"links","start":1281.51,"end":1281.75},{"text":"are","start":1281.75,"end":1281.87},{"text":"provided","start":1281.87,"end":1282.27},{"text":"here.","start":1282.27,"end":1282.67}]},{"text":"Our lead researcher is Bob Martin.","start":1282.75,"end":1284.59,"topics":[],"words":[{"text":"Our","start":1282.75,"end":1282.91},{"text":"lead","start":1282.91,"end":1283.15},{"text":"researcher","start":1283.15,"end":1283.63},{"text":"is","start":1283.63,"end":1283.79},{"text":"Bob","start":1283.79,"end":1284.11},{"text":"Martin.","start":1284.11,"end":1284.59}]},{"text":"He's done some nice work, which you can check out online.","start":1285.19,"end":1287.39,"topics":[],"words":[{"text":"He's","start":1285.19,"end":1285.43},{"text":"done","start":1285.43,"end":1285.55},{"text":"some","start":1285.55,"end":1285.71},{"text":"nice","start":1285.71,"end":1285.87},{"text":"work,","start":1285.87,"end":1286.19},{"text":"which","start":1286.27,"end":1286.51},{"text":"you","start":1286.51,"end":1286.59},{"text":"can","start":1286.59,"end":1286.71},{"text":"check","start":1286.71,"end":1286.91},{"text":"out","start":1286.91,"end":1287.03},{"text":"online.","start":1287.03,"end":1287.39}]},{"text":"So, thank you.","start":1287.39,"end":1288.11,"topics":[],"words":[{"text":"So,","start":1287.39,"end":1287.63},{"text":"thank","start":1287.79,"end":1288.03},{"text":"you.","start":1288.03,"end":1288.11}]}]}],"speaker":{"affiliation":"USA","group":null,"function":"Presenter","affiliation_full":"United States of America"}},{"statement_number":4,"start":1299.39,"pageUrl":"/en/asset/k14/k1424x5g53?t=21:40","paragraphs":[{"sentences":[{"text":"Thank you very much, Rob. That was fascinating.","start":1299.39,"end":1301.87,"topics":[],"words":[{"text":"Thank","start":1299.39,"end":1299.63},{"text":"you","start":1299.63,"end":1299.71},{"text":"very","start":1299.71,"end":1299.87},{"text":"much,","start":1299.87,"end":1300.11},{"text":"Rob.","start":1300.11,"end":1300.35},{"text":"That","start":1300.47,"end":1300.67},{"text":"was","start":1300.67,"end":1301.07},{"text":"fascinating.","start":1301.07,"end":1301.87}]},{"text":"Right, let's go on now to Sebastian.","start":1302.67,"end":1304.91,"topics":[],"words":[{"text":"Right,","start":1302.67,"end":1303.07},{"text":"let's","start":1303.47,"end":1303.75},{"text":"go","start":1303.79,"end":1303.95},{"text":"on","start":1303.95,"end":1304.11},{"text":"now","start":1304.11,"end":1304.27},{"text":"to","start":1304.27,"end":1304.43},{"text":"Sebastian.","start":1304.43,"end":1304.91}]},{"text":"Okay, from 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you may be now wondering why I'm starting with this question about the GDP and well-being.","start":1369.31,"end":1373.87,"topics":[],"words":[{"text":"And","start":1369.31,"end":1369.47},{"text":"you","start":1369.47,"end":1369.55},{"text":"may","start":1369.55,"end":1369.79},{"text":"be","start":1369.79,"end":1369.95},{"text":"now","start":1369.95,"end":1370.11},{"text":"wondering","start":1370.11,"end":1370.59},{"text":"why","start":1370.59,"end":1370.67},{"text":"I'm","start":1370.67,"end":1370.87},{"text":"starting","start":1370.87,"end":1371.31},{"text":"with","start":1371.31,"end":1371.51},{"text":"this","start":1371.51,"end":1371.87},{"text":"question","start":1372.03,"end":1372.43},{"text":"about","start":1372.43,"end":1372.75},{"text":"the","start":1372.75,"end":1372.83},{"text":"GDP","start":1372.83,"end":1373.23},{"text":"and","start":1373.23,"end":1373.35},{"text":"well-being.","start":1373.35,"end":1373.87}]},{"text":"is that because we have seen a little bit, if we look 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This methodological choice was presented as central to whether an index reflects average household experience or the spending patterns of higher-expenditure households."},{"key":"subgroup-specific-indexes","label":"Indices for Specific Household Groups","description":"A recurring topic was the design of inflation measures for retirees, low-income households, pensioners, and other population subgroups. 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This methodological choice was presented as central to whether an index reflects average household experience or the spending patterns of higher-expenditure households."},{"key":"household-cost-indices","label":"Household Cost Indices","description":"A major theme was the development of household cost indices as complementary measures to standard consumer price indices. Speakers discussed how these indices aim to reflect households’ lived experience of inflation more accurately than broad macroeconomic CPI measures."}],"words":[{"text":"And","start":1947.03,"end":1947.27},{"text":"of","start":1947.27,"end":1947.35},{"text":"course,","start":1947.35,"end":1947.75},{"text":"if","start":1948.15,"end":1948.31},{"text":"I","start":1948.31,"end":1948.39},{"text":"don't","start":1948.39,"end":1948.71},{"text":"add","start":1948.71,"end":1948.79},{"text":"up","start":1948.79,"end":1948.87},{"text":"the","start":1948.87,"end":1948.99},{"text":"prices","start":1948.99,"end":1949.59},{"text":"and","start":1949.83,"end":1949.99},{"text":"I","start":1949.99,"end":1950.07},{"text":"have","start":1950.07,"end":1950.39},{"text":"just","start":1950.55,"end":1950.95},{"text":"a","start":1951.03,"end":1951.11},{"text":"different","start":1951.11,"end":1951.59},{"text":"weight,","start":1951.59,"end":1951.99},{"text":"I","start":1952.79,"end":1952.99},{"text":"have","start":1952.99,"end":1953.19},{"text":"also","start":1953.19,"end":1953.67},{"text":"different,","start":1954.07,"end":1954.71},{"text":"so","start":1955.27,"end":1955.67},{"text":"various","start":1955.67,"end":1956.15},{"text":"indices.","start":1956.15,"end":1956.71}]},{"text":"And here I wanted to show just two examples.","start":1956.71,"end":1960.47,"topics":[],"words":[{"text":"And","start":1956.71,"end":1956.95},{"text":"here","start":1956.95,"end":1957.27},{"text":"I","start":1957.27,"end":1957.35},{"text":"wanted","start":1957.35,"end":1957.87},{"text":"to","start":1957.87,"end":1958.11},{"text":"show","start":1958.11,"end":1958.23},{"text":"just","start":1958.23,"end":1958.67},{"text":"two","start":1958.67,"end":1959.51},{"text":"examples.","start":1959.83,"end":1960.47}]},{"text":"The first one is the difference between a low income also and a high income also in Switzerland.","start":1960.47,"end":1965.43,"topics":[{"key":"subgroup-specific-indexes","label":"Indices for Specific Household Groups","description":"A recurring topic was the design of inflation measures for retirees, low-income households, pensioners, and other population subgroups. 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I think quite anecdotical, but always interesting.","start":1997.83,"end":2002.91,"topics":[],"words":[{"text":"Something","start":1997.83,"end":1998.19},{"text":"that","start":1998.19,"end":1998.47},{"text":"is...","start":1998.47,"end":1998.55},{"text":"I","start":1999.83,"end":1999.84},{"text":"think","start":1999.83,"end":2000.11},{"text":"quite","start":2000.11,"end":2000.35},{"text":"anecdotical,","start":2000.35,"end":2001.11},{"text":"but","start":2001.11,"end":2001.35},{"text":"always","start":2002.03,"end":2002.39},{"text":"interesting.","start":2002.39,"end":2002.91}]},{"text":"It's a difference between a couple without children and single without children in Switzerland.","start":2002.91,"end":2007.59,"topics":[{"key":"subgroup-specific-indexes","label":"Indices for Specific Household Groups","description":"A recurring topic was the design of inflation measures for retirees, low-income households, pensioners, and other population subgroups. 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this is not specifically to either of you could respond.","start":2461.71,"end":2465.71,"topics":[],"words":[{"text":"So","start":2461.71,"end":2461.83},{"text":"this","start":2461.83,"end":2461.95},{"text":"is","start":2461.95,"end":2462.03},{"text":"not","start":2462.03,"end":2462.27},{"text":"specifically","start":2462.27,"end":2462.91},{"text":"to","start":2462.91,"end":2463.15},{"text":"either","start":2463.83,"end":2464.35},{"text":"of","start":2464.35,"end":2464.47},{"text":"you","start":2464.47,"end":2464.59},{"text":"could","start":2464.59,"end":2464.83},{"text":"respond.","start":2464.99,"end":2465.71}]},{"text":"I mean, how do we see what you're talking about, this household cost index is different to a cost of living index, which I think is well considered within the kind of consumer price index theory literature.","start":2466.11,"end":2478.75,"topics":[{"key":"household-cost-indices","label":"Household Cost Indices","description":"A major theme was the development of 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I'm going to ask, it's UK and then it's Australia, I think there was somebody else down there but we'll take UK and Australia and 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the ILO, yes, okay.","start":2619.31,"end":2620.59,"topics":[],"words":[{"text":"Oh,","start":2619.31,"end":2619.39},{"text":"the","start":2619.39,"end":2619.51},{"text":"ILO,","start":2619.55,"end":2619.95},{"text":"yes,","start":2619.95,"end":2620.35},{"text":"okay.","start":2620.39,"end":2620.59}]},{"text":"So we'll take UK.","start":2620.59,"end":2621.59,"topics":[],"words":[{"text":"So","start":2620.59,"end":2620.67},{"text":"we'll","start":2620.75,"end":2620.99},{"text":"take","start":2620.99,"end":2621.19},{"text":"UK.","start":2621.19,"end":2621.59}]},{"text":"India.","start":2621.59,"end":2621.79,"topics":[],"words":[{"text":"India.","start":2621.59,"end":2621.79}]},{"text":"And India, right, okay.","start":2623.31,"end":2624.83,"topics":[],"words":[{"text":"And","start":2623.31,"end":2623.47},{"text":"India,","start":2623.47,"end":2623.87},{"text":"right,","start":2624.11,"end":2624.43},{"text":"okay.","start":2624.43,"end":2624.83}]},{"text":"So four questions, if you could keep them as obviously as brief as possible.","start":2625.39,"end":2629.39,"topics":[],"words":[{"text":"So","start":2625.39,"end":2625.63},{"text":"four","start":2625.63,"end":2625.83},{"text":"questions,","start":2625.83,"end":2626.67},{"text":"if","start":2626.91,"end":2627.03},{"text":"you","start":2627.03,"end":2627.11},{"text":"could","start":2627.11,"end":2627.23},{"text":"keep","start":2627.23,"end":2627.43},{"text":"them","start":2627.43,"end":2627.55},{"text":"as","start":2627.59,"end":2627.79},{"text":"obviously","start":2627.79,"end":2628.23},{"text":"as","start":2628.23,"end":2628.35},{"text":"brief","start":2628.35,"end":2628.71},{"text":"as","start":2628.71,"end":2628.83},{"text":"possible.","start":2628.83,"end":2629.39}]},{"text":"So we've got UK, Australia, India, and the ILO.","start":2630.51,"end":2636.67,"topics":[],"words":[{"text":"So","start":2630.51,"end":2630.83},{"text":"we've","start":2630.83,"end":2631.07},{"text":"got","start":2631.07,"end":2631.47},{"text":"UK,","start":2632.27,"end":2632.91},{"text":"Australia,","start":2633.95,"end":2634.67},{"text":"India,","start":2635.39,"end":2635.91},{"text":"and","start":2635.91,"end":2636.07},{"text":"the","start":2636.07,"end":2636.15},{"text":"ILO.","start":2636.15,"end":2636.67}]},{"text":"UK.","start":2639.15,"end":2639.71,"topics":[],"words":[{"text":"UK.","start":2639.15,"end":2639.71}]},{"text":"Yes.","start":2641.27,"end":2641.43,"topics":[],"words":[{"text":"Yes.","start":2641.27,"end":2641.43}]}]}],"speaker":{"affiliation":null,"group":null,"function":"Chair","affiliation_full":null}},{"statement_number":17,"start":2643.19,"pageUrl":"/en/asset/k14/k1424x5g53?t=44:04","paragraphs":[{"sentences":[{"text":"Thank 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that towards the retired households and the interaction with low income households.","start":2647.95,"end":2658.27,"topics":[{"key":"subgroup-specific-indexes","label":"Indices for Specific Household Groups","description":"A recurring topic was the design of inflation measures for retirees, low-income households, pensioners, and other population subgroups. 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presentation.","start":2873.59,"end":2879.51,"topics":[],"words":[{"text":"Congratulations","start":2873.59,"end":2874.47},{"text":"to","start":2874.47,"end":2874.71},{"text":"both","start":2874.71,"end":2874.95},{"text":"the","start":2874.95,"end":2875.19},{"text":"presenters","start":2876.15,"end":2876.87},{"text":"for","start":2876.87,"end":2877.19},{"text":"very","start":2877.75,"end":2878.07},{"text":"thoughtful","start":2878.07,"end":2878.63},{"text":"presentation.","start":2878.71,"end":2879.51}]},{"text":"I have just two, three points to raise 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Well, thank you very much to our speakers and to those who gave the questions.","start":3676.91,"end":3681.07,"topics":[],"words":[{"text":"Okay.","start":3676.91,"end":3677.31},{"text":"Well,","start":3677.63,"end":3677.75},{"text":"thank","start":3677.79,"end":3678.03},{"text":"you","start":3678.03,"end":3678.19},{"text":"very","start":3678.27,"end":3678.51},{"text":"much","start":3678.51,"end":3678.75},{"text":"to","start":3678.75,"end":3678.91},{"text":"our","start":3678.91,"end":3678.99},{"text":"speakers","start":3678.99,"end":3679.47},{"text":"and","start":3679.47,"end":3679.59},{"text":"to","start":3679.59,"end":3679.71},{"text":"those","start":3679.71,"end":3679.91},{"text":"who","start":3679.91,"end":3680.03},{"text":"gave","start":3680.03,"end":3680.23},{"text":"the","start":3680.23,"end":3680.31},{"text":"questions.","start":3680.31,"end":3681.07}]},{"text":"And now it's coffee 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that okay?","start":3695.71,"end":3696.11,"topics":[],"words":[{"text":"Is","start":3695.71,"end":3695.79},{"text":"that","start":3695.79,"end":3695.91},{"text":"okay?","start":3695.91,"end":3696.11}]},{"text":"Thank you.","start":3697.31,"end":3697.63,"topics":[],"words":[{"text":"Thank","start":3697.31,"end":3697.47},{"text":"you.","start":3697.47,"end":3697.63}]},{"text":"Okay, we're going to make a start back shortly.","start":4754.85,"end":4756.53,"topics":[],"words":[{"text":"Okay,","start":4754.85,"end":4755.09},{"text":"we're","start":4755.09,"end":4755.25},{"text":"going","start":4755.25,"end":4755.41},{"text":"to","start":4755.41,"end":4755.49},{"text":"make","start":4755.49,"end":4755.61},{"text":"a","start":4755.61,"end":4755.65},{"text":"start","start":4755.65,"end":4755.97},{"text":"back","start":4755.97,"end":4756.21},{"text":"shortly.","start":4756.21,"end":4756.53}]},{"text":"Can we please start taking our seats again?","start":4756.53,"end":4758.37,"topics":[],"words":[{"text":"Can","start":4756.53,"end":4756.69},{"text":"we","start":4756.69,"end":4756.85},{"text":"please","start":4756.85,"end":4757.05},{"text":"start","start":4757.05,"end":4757.41},{"text":"taking","start":4757.41,"end":4757.61},{"text":"our","start":4757.61,"end":4757.73},{"text":"seats","start":4757.73,"end":4758.01},{"text":"again?","start":4758.01,"end":4758.37}]},{"text":"Okay, welcome back everyone to the final session of the 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I'll hand back over to Jill, who's going to take us through the rest of the 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you very much, Chris.","start":4842.27,"end":4843.43,"topics":[],"words":[{"text":"Thank","start":4842.27,"end":4842.47},{"text":"you","start":4842.47,"end":4842.55},{"text":"very","start":4842.55,"end":4842.71},{"text":"much,","start":4842.71,"end":4842.95},{"text":"Chris.","start":4842.95,"end":4843.43}]},{"text":"I think what we will do though for this half of the session is to go back to the standard way of having a presentation followed by questions because these two presentations are rather different, whereas the two previous ones in a sense were discussing overlapping 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we will start with Indonesia and Windy Putanto is going to talk to us about the work that they have been 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This methodological choice was presented as central to whether an index reflects average household experience or the spending patterns of higher-expenditure households."},{"key":"subgroup-specific-indexes","label":"Indices for Specific Household Groups","description":"A recurring topic was the design of inflation measures for retirees, low-income households, pensioners, and other population subgroups. Speakers debated how far statistical offices should go in producing segmented indices and how to balance policy usefulness against complexity and user confusion."}],"words":[{"text":"For","start":4954.03,"end":4954.27},{"text":"the","start":4954.27,"end":4954.35},{"text":"methodology,","start":4954.35,"end":4955.07},{"text":"we","start":4955.15,"end":4955.35},{"text":"use","start":4955.35,"end":4955.71},{"text":"data","start":4955.71,"end":4956.03},{"text":"from","start":4956.03,"end":4956.59},{"text":"2022","start":4956.83,"end":4957.79},{"text":"Household","start":4957.79,"end":4958.27},{"text":"Expenditure","start":4958.83,"end":4959.51},{"text":"Survey,","start":4959.51,"end":4959.87},{"text":"known","start":4960.59,"end":4960.75},{"text":"as","start":4960.75,"end":4960.99},{"text":"SBH","start":4961.07,"end":4961.83},{"text":"for","start":4962.59,"end":4962.83},{"text":"Jakarta,","start":4962.83,"end":4963.39},{"text":"household","start":4963.71,"end":4964.19},{"text":"are","start":4964.19,"end":4964.35},{"text":"grouped","start":4964.35,"end":4964.67},{"text":"by","start":4965.23,"end":4965.59},{"text":"expenditure","start":4965.59,"end":4966.59},{"text":"quantiles","start":4966.59,"end":4967.31},{"text":"from","start":4967.63,"end":4967.87},{"text":"the","start":4967.87,"end":4968.03},{"text":"lowest","start":4968.03,"end":4968.31},{"text":"spenders,","start":4968.31,"end":4968.83},{"text":"Q1,","start":4969.07,"end":4969.71},{"text":"to","start":4969.71,"end":4969.95},{"text":"highest,","start":4969.95,"end":4970.51},{"text":"Q5.","start":4970.99,"end":4971.87}]},{"text":"We compile community basket and spending weight for each group using 479 items from the Jakarta CPI list.","start":4972.47,"end":4983.35,"topics":[{"key":"weighting-methods","label":"Democratic vs Plutocratic Weighting","description":"Participants repeatedly discussed whether inflation measures should weight households equally or by spending levels. This methodological choice was presented as central to whether an index reflects average household experience or the spending patterns of higher-expenditure households."},{"key":"subgroup-specific-indexes","label":"Indices for Specific Household Groups","description":"A recurring topic was the design of inflation measures for retirees, low-income households, pensioners, and other population subgroups. Speakers debated how far statistical offices should go in producing segmented indices and how to balance policy usefulness against complexity and user confusion."}],"words":[{"text":"We","start":4972.47,"end":4972.55},{"text":"compile","start":4972.59,"end":4973.07},{"text":"community","start":4973.07,"end":4973.51},{"text":"basket","start":4973.51,"end":4973.95},{"text":"and","start":4973.95,"end":4974.15},{"text":"spending","start":4974.15,"end":4974.59},{"text":"weight","start":4974.59,"end":4974.91},{"text":"for","start":4974.91,"end":4975.15},{"text":"each","start":4975.15,"end":4975.31},{"text":"group","start":4975.31,"end":4975.55},{"text":"using","start":4976.03,"end":4976.67},{"text":"479","start":4978.75,"end":4979.95},{"text":"items","start":4979.95,"end":4980.43},{"text":"from","start":4980.43,"end":4980.83},{"text":"the","start":4981.23,"end":4981.31},{"text":"Jakarta","start":4981.31,"end":4982.19},{"text":"CPI","start":4982.51,"end":4982.91},{"text":"list.","start":4982.91,"end":4983.35}]},{"text":"Finally, we calculate the HGI for each group using 2022 as the weight reference year and monthly price change from 2020 to 2024.","start":4984.03,"end":4995.23,"topics":[{"key":"household-cost-indices","label":"Household Cost Indices","description":"A major theme was the development of household cost indices as complementary measures to standard consumer price indices. Speakers discussed how these indices aim to reflect households’ lived experience of inflation more accurately than broad macroeconomic CPI measures."}],"words":[{"text":"Finally,","start":4984.03,"end":4984.39},{"text":"we","start":4984.39,"end":4984.51},{"text":"calculate","start":4984.51,"end":4985.39},{"text":"the","start":4985.59,"end":4985.67},{"text":"HGI","start":4985.91,"end":4986.43},{"text":"for","start":4986.43,"end":4986.75},{"text":"each","start":4986.75,"end":4986.91},{"text":"group","start":4986.91,"end":4987.15},{"text":"using","start":4987.67,"end":4988.11},{"text":"2022","start":4988.11,"end":4989.47},{"text":"as","start":4989.47,"end":4989.71},{"text":"the","start":4989.71,"end":4989.83},{"text":"weight","start":4989.83,"end":4990.11},{"text":"reference","start":4990.19,"end":4990.67},{"text":"year","start":4990.67,"end":4990.91},{"text":"and","start":4991.47,"end":4991.75},{"text":"monthly","start":4991.75,"end":4992.11},{"text":"price","start":4992.11,"end":4992.43},{"text":"change","start":4992.43,"end":4992.79},{"text":"from","start":4992.79,"end":4993.23},{"text":"2020","start":4993.23,"end":4994.07},{"text":"to","start":4994.07,"end":4994.19},{"text":"2024.","start":4994.19,"end":4995.23}]},{"text":"This slide shows the expenditure range for each quantile group.","start":4998.43,"end":5001.99,"topics":[],"words":[{"text":"This","start":4998.43,"end":4998.87},{"text":"slide","start":4998.87,"end":4999.11},{"text":"shows","start":4999.11,"end":4999.23},{"text":"the","start":4999.23,"end":4999.31},{"text":"expenditure","start":4999.31,"end":5000.19},{"text":"range","start":5000.35,"end":5000.71},{"text":"for","start":5000.75,"end":5001.07},{"text":"each","start":5001.07,"end":5001.27},{"text":"quantile","start":5001.27,"end":5001.71},{"text":"group.","start":5001.71,"end":5001.99}]},{"text":"It highlights how different household groups consume different types and quantile qualities of goods and services, face different prices, and have varying preferences and demand elasticity.","start":5002.67,"end":5015.95,"topics":[{"key":"price-heterogeneity","label":"Price Heterogeneity and Cheapflation","description":"Speakers discussed the possibility that different household groups pay different prices for the same or similar goods, including lower-priced goods experiencing different inflation patterns. This was raised as an important next step for improving household inflation measures beyond differences in spending weights alone."}],"words":[{"text":"It","start":5002.67,"end":5002.83},{"text":"highlights","start":5002.83,"end":5003.35},{"text":"how","start":5003.47,"end":5003.87},{"text":"different","start":5003.87,"end":5004.35},{"text":"household","start":5004.35,"end":5004.71},{"text":"groups","start":5004.71,"end":5005.03},{"text":"consume","start":5005.15,"end":5005.71},{"text":"different","start":5005.71,"end":5006.15},{"text":"types","start":5006.15,"end":5006.51},{"text":"and","start":5007.15,"end":5007.43},{"text":"quantile","start":5007.43,"end":5008.11},{"text":"qualities","start":5008.15,"end":5008.83},{"text":"of","start":5008.83,"end":5009.15},{"text":"goods","start":5009.15,"end":5009.47},{"text":"and","start":5009.47,"end":5009.83},{"text":"services,","start":5009.83,"end":5010.51},{"text":"face","start":5010.91,"end":5011.31},{"text":"different","start":5011.39,"end":5011.83},{"text":"prices,","start":5011.83,"end":5012.27},{"text":"and","start":5012.27,"end":5012.51},{"text":"have","start":5012.51,"end":5012.83},{"text":"varying","start":5012.87,"end":5013.47},{"text":"preferences","start":5013.79,"end":5014.51},{"text":"and","start":5014.51,"end":5014.79},{"text":"demand","start":5014.79,"end":5015.19},{"text":"elasticity.","start":5015.19,"end":5015.95}]},{"text":"Here we can see the CPI compared to HCEI across expenditure groups.","start":5017.67,"end":5022.07,"topics":[{"key":"household-cost-indices","label":"Household Cost Indices","description":"A major theme was the development of household cost indices as complementary measures to standard consumer price indices. Speakers discussed how these indices aim to reflect households’ lived experience of inflation more accurately than broad macroeconomic CPI measures."},{"key":"public-understanding-inflation","label":"Public Understanding and Trust in Inflation Statistics","description":"Another cross-cutting issue was how to explain inflation statistics to users who feel official figures do not match their own experience. Speakers emphasized communication, naming, and presentation as crucial for maintaining credibility and helping the public understand why different indices can coexist."}],"words":[{"text":"Here","start":5017.67,"end":5017.95},{"text":"we","start":5017.95,"end":5018.07},{"text":"can","start":5018.07,"end":5018.31},{"text":"see","start":5018.31,"end":5018.63},{"text":"the","start":5018.63,"end":5018.71},{"text":"CPI","start":5018.71,"end":5019.19},{"text":"compared","start":5019.19,"end":5019.63},{"text":"to","start":5019.63,"end":5019.83},{"text":"HCEI","start":5019.83,"end":5020.79},{"text":"across","start":5020.79,"end":5021.19},{"text":"expenditure","start":5021.19,"end":5021.71},{"text":"groups.","start":5021.71,"end":5022.07}]},{"text":"If we make three groups, during the first period, Q5 HCEI was higher than the CPI by 0.91 points, while Q1 was slightly lower.","start":5022.63,"end":5038.07,"topics":[{"key":"household-cost-indices","label":"Household Cost Indices","description":"A major theme was the development of household cost indices as complementary measures to standard consumer price indices. Speakers discussed how these indices aim to reflect households’ lived experience of inflation more accurately than broad macroeconomic CPI measures."},{"key":"subgroup-specific-indexes","label":"Indices for Specific Household Groups","description":"A recurring topic was the design of inflation measures for retirees, low-income households, pensioners, and other population subgroups. Speakers debated how far statistical offices should go in producing segmented indices and how to balance policy usefulness against complexity and user confusion."}],"words":[{"text":"If","start":5022.63,"end":5022.99},{"text":"we","start":5023.43,"end":5023.91},{"text":"make","start":5024.55,"end":5024.87},{"text":"three","start":5025.07,"end":5025.35},{"text":"groups,","start":5025.35,"end":5025.83},{"text":"during","start":5026.59,"end":5026.83},{"text":"the","start":5026.83,"end":5026.95},{"text":"first","start":5026.95,"end":5027.19},{"text":"period,","start":5027.19,"end":5027.59},{"text":"Q5","start":5028.15,"end":5028.79},{"text":"HCEI","start":5028.79,"end":5029.35},{"text":"was","start":5029.35,"end":5029.75},{"text":"higher","start":5029.91,"end":5030.39},{"text":"than","start":5030.39,"end":5030.79},{"text":"the","start":5030.87,"end":5031.03},{"text":"CPI","start":5031.03,"end":5031.75},{"text":"by","start":5032.07,"end":5032.55},{"text":"0.91","start":5033.19,"end":5034.39},{"text":"points,","start":5034.39,"end":5034.95},{"text":"while","start":5034.95,"end":5035.51},{"text":"Q1","start":5036.07,"end":5036.71},{"text":"was","start":5036.87,"end":5037.11},{"text":"slightly","start":5037.11,"end":5037.59},{"text":"lower.","start":5037.59,"end":5038.07}]},{"text":"However, in the third period, Q5 HCEI fell below the CPI, showing a shift Meanwhile, the gap between Q1 and Q5 widened over time.","start":5038.75,"end":5049.87,"topics":[{"key":"household-cost-indices","label":"Household Cost Indices","description":"A major theme was the development of household cost indices as complementary measures to standard consumer price indices. 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This methodological choice was presented as central to whether an index reflects average household experience or the spending patterns of higher-expenditure households."}],"words":[{"text":"This","start":5054.27,"end":5054.47},{"text":"slide","start":5054.47,"end":5054.71},{"text":"illustrates","start":5054.71,"end":5055.23},{"text":"how","start":5055.23,"end":5055.39},{"text":"household","start":5055.39,"end":5055.87},{"text":"groups","start":5055.87,"end":5056.15},{"text":"prioritize","start":5056.47,"end":5057.03},{"text":"spending","start":5057.03,"end":5057.71},{"text":"differently","start":5057.71,"end":5058.43},{"text":"across","start":5058.67,"end":5059.07},{"text":"categories","start":5059.07,"end":5059.59},{"text":"like","start":5059.59,"end":5059.87},{"text":"food,","start":5059.87,"end":5060.11},{"text":"housing,","start":5060.67,"end":5061.31},{"text":"transportation,","start":5061.63,"end":5062.39},{"text":"and","start":5062.39,"end":5062.51},{"text":"more.","start":5062.51,"end":5062.83}]},{"text":"It shows how consumption patterns shift according to income levels and living standards.","start":5063.47,"end":5069.15,"topics":[{"key":"subgroup-specific-indexes","label":"Indices for Specific Household Groups","description":"A recurring topic was the design of inflation measures for retirees, low-income households, pensioners, and other population subgroups. Speakers debated how far statistical offices should go in producing segmented indices and how to balance policy usefulness against complexity and user confusion."}],"words":[{"text":"It","start":5063.47,"end":5063.75},{"text":"shows","start":5063.75,"end":5063.87},{"text":"how","start":5063.87,"end":5064.19},{"text":"consumption","start":5064.19,"end":5064.75},{"text":"patterns","start":5064.75,"end":5065.55},{"text":"shift","start":5065.79,"end":5066.11},{"text":"according","start":5066.11,"end":5066.67},{"text":"to","start":5066.67,"end":5066.79},{"text":"income","start":5066.79,"end":5067.15},{"text":"levels","start":5067.15,"end":5067.79},{"text":"and","start":5068.19,"end":5068.35},{"text":"living","start":5068.35,"end":5068.63},{"text":"standards.","start":5068.63,"end":5069.15}]},{"text":"For each category, For example, in this slide, lower expenditure groups allocate a larger portion of their budgets to food, beverages, and tobacco products.","start":5073.07,"end":5083.79,"topics":[{"key":"subgroup-specific-indexes","label":"Indices for Specific Household Groups","description":"A recurring topic was the design of inflation measures for retirees, low-income households, pensioners, and other population subgroups. 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This methodological choice was presented as central to whether an index reflects average household experience or the spending patterns of higher-expenditure households."}],"words":[{"text":"For","start":5073.07,"end":5073.47},{"text":"each","start":5073.47,"end":5073.71},{"text":"category,","start":5074.35,"end":5074.99},{"text":"For","start":5075.55,"end":5075.75},{"text":"example,","start":5075.75,"end":5076.35},{"text":"in","start":5076.35,"end":5076.59},{"text":"this","start":5076.59,"end":5076.71},{"text":"slide,","start":5076.71,"end":5077.07},{"text":"lower","start":5077.87,"end":5078.15},{"text":"expenditure","start":5078.15,"end":5078.59},{"text":"groups","start":5078.59,"end":5078.99},{"text":"allocate","start":5078.99,"end":5079.47},{"text":"a","start":5079.55,"end":5079.59},{"text":"larger","start":5079.59,"end":5079.95},{"text":"portion","start":5079.95,"end":5080.39},{"text":"of","start":5080.39,"end":5080.51},{"text":"their","start":5080.51,"end":5080.71},{"text":"budgets","start":5080.71,"end":5081.15},{"text":"to","start":5081.15,"end":5081.31},{"text":"food,","start":5081.31,"end":5081.63},{"text":"beverages,","start":5081.87,"end":5082.59},{"text":"and","start":5082.59,"end":5082.83},{"text":"tobacco","start":5082.83,"end":5083.19},{"text":"products.","start":5083.19,"end":5083.79}]},{"text":"This is typically pattern, lower income household dedicate a greater share to spending to essentials.","start":5084.91,"end":5091.87,"topics":[],"words":[{"text":"This","start":5084.91,"end":5085.15},{"text":"is","start":5085.15,"end":5085.31},{"text":"typically","start":5085.47,"end":5085.95},{"text":"pattern,","start":5085.95,"end":5086.51},{"text":"lower","start":5086.51,"end":5086.83},{"text":"income","start":5086.83,"end":5087.15},{"text":"household","start":5087.15,"end":5087.55},{"text":"dedicate","start":5087.55,"end":5088.03},{"text":"a","start":5088.11,"end":5088.15},{"text":"greater","start":5088.15,"end":5088.51},{"text":"share","start":5088.51,"end":5088.91},{"text":"to","start":5089.51,"end":5089.63},{"text":"spending","start":5089.63,"end":5090.35},{"text":"to","start":5090.83,"end":5091.07},{"text":"essentials.","start":5091.07,"end":5091.87}]},{"text":"For the transportation, transport spending also varies sharply.","start":5094.43,"end":5098.43,"topics":[],"words":[{"text":"For","start":5094.43,"end":5094.59},{"text":"the","start":5094.59,"end":5094.67},{"text":"transportation,","start":5094.67,"end":5095.71},{"text":"transport","start":5095.79,"end":5096.67},{"text":"spending","start":5096.67,"end":5097.07},{"text":"also","start":5097.07,"end":5097.47},{"text":"varies","start":5097.47,"end":5097.83},{"text":"sharply.","start":5097.83,"end":5098.43}]},{"text":"Q5 household prioritizes private vehicle purchases and maintenance.","start":5098.75,"end":5104.83,"topics":[],"words":[{"text":"Q5","start":5098.75,"end":5099.31},{"text":"household","start":5099.63,"end":5100.07},{"text":"prioritizes","start":5100.19,"end":5101.79},{"text":"private","start":5102.19,"end":5102.67},{"text":"vehicle","start":5102.67,"end":5103.23},{"text":"purchases","start":5103.23,"end":5103.87},{"text":"and","start":5103.87,"end":5104.03},{"text":"maintenance.","start":5104.03,"end":5104.83}]},{"text":"reflecting a strong preference for private transport.","start":5105.31,"end":5109.47,"topics":[],"words":[{"text":"reflecting","start":5105.31,"end":5105.95},{"text":"a","start":5105.95,"end":5106.03},{"text":"strong","start":5106.03,"end":5106.59},{"text":"preference","start":5106.59,"end":5107.47},{"text":"for","start":5108.19,"end":5108.51},{"text":"private","start":5108.51,"end":5108.95},{"text":"transport.","start":5108.95,"end":5109.47}]},{"text":"Meanwhile, middle group like Q3 and Q4 spend more on public 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Okay, hello everybody.","start":5598.35,"end":5600.39,"topics":[],"words":[{"text":"Hello.","start":5598.35,"end":5598.51},{"text":"Okay,","start":5599.39,"end":5599.59},{"text":"hello","start":5599.59,"end":5599.87},{"text":"everybody.","start":5599.87,"end":5600.39}]},{"text":"Appreciate this is the last, one of the last talks that we're going to have today.","start":5600.79,"end":5605.19,"topics":[],"words":[{"text":"Appreciate","start":5600.79,"end":5601.35},{"text":"this","start":5601.35,"end":5601.51},{"text":"is","start":5601.51,"end":5601.59},{"text":"the","start":5601.59,"end":5601.71},{"text":"last,","start":5601.75,"end":5602.31},{"text":"one","start":5603.11,"end":5603.27},{"text":"of","start":5603.27,"end":5603.35},{"text":"the","start":5603.35,"end":5603.43},{"text":"last","start":5603.43,"end":5603.87},{"text":"talks","start":5603.87,"end":5604.07},{"text":"that","start":5604.07,"end":5604.19},{"text":"we're","start":5604.19,"end":5604.35},{"text":"going","start":5604.35,"end":5604.51},{"text":"to","start":5604.51,"end":5604.59},{"text":"have","start":5604.59,"end":5604.79},{"text":"today.","start":5604.79,"end":5605.19}]},{"text":"So thank you for all the speakers and everything they've heard so far.","start":5605.59,"end":5609.51,"topics":[],"words":[{"text":"So","start":5605.59,"end":5605.75},{"text":"thank","start":5606.07,"end":5606.27},{"text":"you","start":5606.27,"end":5606.35},{"text":"for","start":5606.35,"end":5606.47},{"text":"all","start":5606.47,"end":5606.63},{"text":"the","start":5606.63,"end":5606.71},{"text":"speakers","start":5606.71,"end":5607.43},{"text":"and","start":5607.43,"end":5607.59},{"text":"everything","start":5607.59,"end":5608.07},{"text":"they've","start":5608.87,"end":5609.03},{"text":"heard","start":5609.03,"end":5609.19},{"text":"so","start":5609.19,"end":5609.31},{"text":"far.","start":5609.35,"end":5609.51}]},{"text":"This is my first conference, so really good to meet everybody.","start":5609.67,"end":5613.27,"topics":[],"words":[{"text":"This","start":5609.67,"end":5609.91},{"text":"is","start":5609.91,"end":5610.07},{"text":"my","start":5610.07,"end":5610.23},{"text":"first","start":5610.23,"end":5610.55},{"text":"conference,","start":5610.55,"end":5611.07},{"text":"so","start":5611.11,"end":5611.23},{"text":"really","start":5611.91,"end":5612.15},{"text":"good","start":5612.15,"end":5612.27},{"text":"to","start":5612.27,"end":5612.43},{"text":"meet","start":5612.71,"end":5612.87},{"text":"everybody.","start":5612.87,"end":5613.27}]},{"text":"So as Jill said, I'm Luke Michaelides.","start":5613.27,"end":5616.83,"topics":[],"words":[{"text":"So","start":5613.27,"end":5613.67},{"text":"as","start":5614.23,"end":5614.39},{"text":"Jill","start":5614.39,"end":5614.63},{"text":"said,","start":5614.63,"end":5614.99},{"text":"I'm","start":5614.99,"end":5615.43},{"text":"Luke","start":5615.43,"end":5615.75},{"text":"Michaelides.","start":5616.15,"end":5616.83}]},{"text":"I work at the Office for National Statistics.","start":5616.83,"end":5619.11,"topics":[],"words":[{"text":"I","start":5616.83,"end":5616.87},{"text":"work","start":5616.87,"end":5617.19},{"text":"at","start":5617.27,"end":5617.47},{"text":"the","start":5617.47,"end":5617.55},{"text":"Office","start":5617.55,"end":5617.83},{"text":"for","start":5617.83,"end":5617.95},{"text":"National","start":5617.95,"end":5618.31},{"text":"Statistics.","start":5618.31,"end":5619.11}]},{"text":"and I lead the production of the household cost indices for a grand total of nine months so far.","start":5619.59,"end":5625.35,"topics":[{"key":"household-cost-indices","label":"Household Cost Indices","description":"A major theme was the development of household cost indices as complementary measures to standard consumer price indices. 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Speakers discussed how these indices aim to reflect households’ lived experience of inflation more accurately than broad macroeconomic CPI measures."}],"words":[{"text":"which","start":5884.59,"end":5884.95},{"text":"can","start":5885.03,"end":5885.27},{"text":"form","start":5885.51,"end":5885.83},{"text":"part","start":5885.83,"end":5886.11},{"text":"of","start":5886.11,"end":5886.31},{"text":"people's","start":5886.31,"end":5887.19},{"text":"lived","start":5887.19,"end":5887.43},{"text":"experience.","start":5887.51,"end":5888.31}]},{"text":"Right, I will hand over to Hannah to continue the presentation.","start":5891.11,"end":5893.59,"topics":[],"words":[{"text":"Right,","start":5891.11,"end":5891.39},{"text":"I","start":5891.51,"end":5891.55},{"text":"will","start":5891.55,"end":5891.67},{"text":"hand","start":5891.67,"end":5891.91},{"text":"over","start":5891.91,"end":5892.15},{"text":"to","start":5892.15,"end":5892.23},{"text":"Hannah","start":5892.23,"end":5892.47},{"text":"to","start":5892.47,"end":5892.63},{"text":"continue","start":5892.63,"end":5892.95},{"text":"the","start":5892.95,"end":5893.03},{"text":"presentation.","start":5893.03,"end":5893.59}]}]}],"speaker":{"affiliation":"ONS","group":null,"function":"Presenter","affiliation_full":"ONS"}},{"statement_number":40,"start":5899.76,"pageUrl":"/en/asset/k14/k1424x5g53?t=1:38:20","paragraphs":[{"sentences":[{"text":"Thanks, Luke. 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This methodological choice was presented as central to whether an index reflects average household experience or the spending patterns of higher-expenditure households."}],"words":[{"text":"And","start":5923.63,"end":5923.79},{"text":"so","start":5923.79,"end":5923.91},{"text":"the","start":5923.91,"end":5923.99},{"text":"first","start":5923.99,"end":5924.35},{"text":"is","start":5924.35,"end":5924.51},{"text":"that","start":5924.51,"end":5924.63},{"text":"they","start":5924.63,"end":5924.75},{"text":"buy","start":5924.75,"end":5925.07},{"text":"different","start":5925.07,"end":5925.51},{"text":"combinations","start":5925.51,"end":5926.35},{"text":"of","start":5926.35,"end":5926.43},{"text":"goods","start":5926.43,"end":5926.71},{"text":"and","start":5926.71,"end":5926.83},{"text":"services.","start":5926.83,"end":5927.39}]},{"text":"So they have non-homotheticity.","start":5927.39,"end":5929.39,"topics":[{"key":"weighting-methods","label":"Democratic vs Plutocratic Weighting","description":"Participants repeatedly discussed whether inflation measures should weight households equally or by spending levels. This methodological choice was presented as central to whether an index reflects average household experience or the spending patterns of higher-expenditure households."}],"words":[{"text":"So","start":5927.39,"end":5927.59},{"text":"they","start":5927.87,"end":5927.99},{"text":"have","start":5927.99,"end":5928.27},{"text":"non-homotheticity.","start":5928.35,"end":5929.39}]},{"text":"And that's what the HCIs currently consider.","start":5929.95,"end":5932.27,"topics":[],"words":[{"text":"And","start":5929.95,"end":5930.07},{"text":"that's","start":5930.07,"end":5930.35},{"text":"what","start":5930.35,"end":5930.55},{"text":"the","start":5930.55,"end":5930.63},{"text":"HCIs","start":5930.63,"end":5931.39},{"text":"currently","start":5931.39,"end":5931.75},{"text":"consider.","start":5931.75,"end":5932.27}]},{"text":"But the ONS was really interested in this question of what about households paying different prices for the same or similar goods and services.","start":5933.31,"end":5940.59,"topics":[{"key":"price-heterogeneity","label":"Price Heterogeneity and Cheapflation","description":"Speakers discussed the possibility that different household groups pay different prices for the same or similar goods, including lower-priced goods experiencing different inflation patterns. 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a lot of consideration has been given to services in this area so far.","start":5977.07,"end":5980.55,"topics":[],"words":[{"text":"Not","start":5977.07,"end":5977.23},{"text":"a","start":5977.23,"end":5977.27},{"text":"lot","start":5977.27,"end":5977.47},{"text":"of","start":5977.47,"end":5977.55},{"text":"consideration","start":5977.55,"end":5978.15},{"text":"has","start":5978.15,"end":5978.27},{"text":"been","start":5978.27,"end":5978.39},{"text":"given","start":5978.39,"end":5978.67},{"text":"to","start":5978.67,"end":5978.79},{"text":"services","start":5978.79,"end":5979.27},{"text":"in","start":5979.27,"end":5979.39},{"text":"this","start":5979.39,"end":5979.59},{"text":"area","start":5979.59,"end":5979.91},{"text":"so","start":5979.91,"end":5980.15},{"text":"far.","start":5980.15,"end":5980.55}]},{"text":"So we also leave that for future 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This was raised as an important next step for improving household inflation measures beyond differences in spending weights alone."}],"words":[{"text":"So","start":6135.23,"end":6135.63},{"text":"one","start":6135.63,"end":6135.87},{"text":"approach","start":6135.87,"end":6136.43},{"text":"is","start":6136.43,"end":6136.83},{"text":"to","start":6136.83,"end":6137.23},{"text":"calculate","start":6137.23,"end":6137.83},{"text":"a","start":6137.83,"end":6137.87},{"text":"household","start":6137.87,"end":6138.35},{"text":"level","start":6138.35,"end":6138.71},{"text":"price","start":6138.71,"end":6139.07},{"text":"indices","start":6139.07,"end":6139.95},{"text":"with","start":6140.43,"end":6140.59},{"text":"the","start":6140.59,"end":6140.67},{"text":"actual","start":6140.67,"end":6141.07},{"text":"prices","start":6141.07,"end":6141.47},{"text":"that","start":6141.47,"end":6141.63},{"text":"are","start":6141.63,"end":6141.71},{"text":"paid","start":6141.71,"end":6142.07},{"text":"at","start":6142.07,"end":6142.15},{"text":"the","start":6142.15,"end":6142.27},{"text":"barcode","start":6142.27,"end":6142.67},{"text":"level.","start":6142.67,"end":6143.15}]},{"text":"But then that restricted the sample to goods that had been, you know, barcode identical goods that had been bought by the same household over a one year period at least twice.","start":6143.87,"end":6154.03,"topics":[],"words":[{"text":"But","start":6143.87,"end":6143.95},{"text":"then","start":6143.95,"end":6144.11},{"text":"that","start":6144.11,"end":6144.35},{"text":"restricted","start":6144.35,"end":6145.23},{"text":"the","start":6145.23,"end":6145.43},{"text":"sample","start":6145.43,"end":6145.87},{"text":"to","start":6145.87,"end":6146.51},{"text":"goods","start":6146.67,"end":6146.99},{"text":"that","start":6146.99,"end":6147.15},{"text":"had","start":6147.15,"end":6147.31},{"text":"been,","start":6147.31,"end":6147.71},{"text":"you","start":6147.95,"end":6148.07},{"text":"know,","start":6148.07,"end":6148.15},{"text":"barcode","start":6148.15,"end":6148.75},{"text":"identical","start":6148.75,"end":6149.31},{"text":"goods","start":6149.31,"end":6149.55},{"text":"that","start":6149.55,"end":6149.71},{"text":"had","start":6149.71,"end":6149.87},{"text":"been","start":6149.87,"end":6150.03},{"text":"bought","start":6150.03,"end":6150.23},{"text":"by","start":6150.23,"end":6150.35},{"text":"the","start":6150.35,"end":6150.47},{"text":"same","start":6150.47,"end":6150.75},{"text":"household","start":6150.75,"end":6151.39},{"text":"over","start":6151.71,"end":6151.99},{"text":"a","start":6151.99,"end":6152.03},{"text":"one","start":6152.03,"end":6152.27},{"text":"year","start":6152.27,"end":6152.43},{"text":"period","start":6152.43,"end":6152.99},{"text":"at","start":6153.15,"end":6153.35},{"text":"least","start":6153.35,"end":6153.59},{"text":"twice.","start":6153.59,"end":6154.03}]},{"text":"And so another approach to this is to aggregate it up to the goods module level and calculate the price index there and look at what different types of households are purchasing.","start":6154.99,"end":6163.87,"topics":[{"key":"price-heterogeneity","label":"Price Heterogeneity and Cheapflation","description":"Speakers discussed the possibility that different household groups pay different prices for the same or similar goods, including lower-priced goods experiencing different inflation patterns. 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This methodological choice was presented as central to whether an index reflects average household experience or the spending patterns of higher-expenditure households."},{"key":"price-heterogeneity","label":"Price Heterogeneity and Cheapflation","description":"Speakers discussed the possibility that different household groups pay different prices for the same or similar goods, including lower-priced goods experiencing different inflation patterns. 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Speakers debated how far statistical offices should go in producing segmented indices and how to balance policy usefulness against complexity and user confusion."},{"key":"price-heterogeneity","label":"Price Heterogeneity and Cheapflation","description":"Speakers discussed the possibility that different household groups pay different prices for the same or similar goods, including lower-priced goods experiencing different inflation patterns. 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so again, all of these are using commercial household scanner data.","start":6191.55,"end":6195.27,"topics":[],"words":[{"text":"And","start":6191.55,"end":6191.71},{"text":"so","start":6191.71,"end":6191.83},{"text":"again,","start":6191.83,"end":6192.31},{"text":"all","start":6192.31,"end":6192.59},{"text":"of","start":6192.59,"end":6192.67},{"text":"these","start":6192.67,"end":6193.03},{"text":"are","start":6193.03,"end":6193.35},{"text":"using","start":6193.35,"end":6193.79},{"text":"commercial","start":6193.79,"end":6194.19},{"text":"household","start":6194.19,"end":6194.59},{"text":"scanner","start":6194.59,"end":6194.87},{"text":"data.","start":6194.87,"end":6195.27}]},{"text":"Most of them are focused in the US with the exception of two which look at the 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so that links household characteristics directly to prices and quantities at the barcode level.","start":6225.87,"end":6231.19,"topics":[],"words":[{"text":"And","start":6225.87,"end":6226.11},{"text":"so","start":6226.11,"end":6226.19},{"text":"that","start":6226.19,"end":6226.67},{"text":"links","start":6226.67,"end":6227.23},{"text":"household","start":6227.31,"end":6227.71},{"text":"characteristics","start":6227.71,"end":6228.39},{"text":"directly","start":6228.39,"end":6228.91},{"text":"to","start":6228.91,"end":6229.07},{"text":"prices","start":6229.07,"end":6229.55},{"text":"and","start":6229.55,"end":6229.67},{"text":"quantities","start":6229.67,"end":6230.19},{"text":"at","start":6230.19,"end":6230.39},{"text":"the","start":6230.39,"end":6230.47},{"text":"barcode","start":6230.47,"end":6230.87},{"text":"level.","start":6230.87,"end":6231.19}]},{"text":"So it's a very granular data set, but it only captures retail purchases and it only captures about, I think, 30 to 40% of 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retail price index is the one currently used for pension escalation?","start":6569.79,"end":6576.59,"topics":[{"key":"cpi-social-policy","label":"CPI for Macroeconomic Use vs Social Policy","description":"Several speakers examined the tension between using CPI as a macroeconomic inflation indicator and using it to uprate pensions, wages, or benefits. 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to pump the tyre up, so I'm using that once a year, possibly, because my tyre only goes 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take the analogy on, what are your thoughts on the frequency of household cost indices?","start":7075.83,"end":7080.55,"topics":[{"key":"subgroup-specific-indexes","label":"Indices for Specific Household Groups","description":"A recurring topic was the design of inflation measures for retirees, low-income households, pensioners, and other population subgroups. 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have a strong opinion.","start":7090.75,"end":7092.47,"topics":[],"words":[{"text":"Like","start":7090.75,"end":7090.91},{"text":"I","start":7090.91,"end":7090.95},{"text":"said,","start":7090.95,"end":7091.11},{"text":"I","start":7091.35,"end":7091.39},{"text":"don't","start":7091.39,"end":7091.67},{"text":"have","start":7091.67,"end":7091.79},{"text":"a","start":7091.79,"end":7091.83},{"text":"strong","start":7091.83,"end":7092.03},{"text":"opinion.","start":7092.03,"end":7092.47}]},{"text":"I thought that was just a really good analogy, and it's come into my 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at a minimum, it should be annually, I believe.","start":7136.11,"end":7139.67,"topics":[],"words":[{"text":"But","start":7136.11,"end":7136.27},{"text":"at","start":7136.27,"end":7136.43},{"text":"a","start":7136.43,"end":7136.51},{"text":"minimum,","start":7136.51,"end":7137.23},{"text":"it","start":7137.71,"end":7137.83},{"text":"should","start":7137.83,"end":7138.03},{"text":"be","start":7138.03,"end":7138.19},{"text":"annually,","start":7138.19,"end":7138.83},{"text":"I","start":7139.15,"end":7139.31},{"text":"believe.","start":7139.31,"end":7139.67}]},{"text":"It would be ideal if you could have -- so in the U.S., our household spending survey is 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estimates from that survey and use them in a superlative formula.","start":7146.51,"end":7156.03,"topics":[{"key":"weighting-methods","label":"Democratic vs Plutocratic Weighting","description":"Participants repeatedly discussed whether inflation measures should weight households equally or by spending levels. 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Sebastian, do you want to come in on that one?","start":7241.23,"end":7245.47,"topics":[],"words":[{"text":"Thank","start":7241.23,"end":7241.51},{"text":"you,","start":7241.51,"end":7241.63},{"text":"Rob.","start":7242.03,"end":7242.35},{"text":"Sebastian,","start":7242.75,"end":7243.43},{"text":"do","start":7243.43,"end":7243.79},{"text":"you","start":7243.79,"end":7243.87},{"text":"want","start":7244.19,"end":7244.47},{"text":"to","start":7244.47,"end":7244.55},{"text":"come","start":7244.59,"end":7244.83},{"text":"in","start":7244.83,"end":7244.95},{"text":"on","start":7244.95,"end":7245.07},{"text":"that","start":7245.07,"end":7245.19},{"text":"one?","start":7245.19,"end":7245.47}]},{"text":"Or Wendy, do you want to come in on that one?","start":7246.99,"end":7248.59,"topics":[],"words":[{"text":"Or","start":7246.99,"end":7247.11},{"text":"Wendy,","start":7247.11,"end":7247.47},{"text":"do","start":7247.47,"end":7247.55},{"text":"you","start":7247.55,"end":7247.63},{"text":"want","start":7247.63,"end":7247.83},{"text":"to","start":7247.83,"end":7247.91},{"text":"come","start":7247.91,"end":7248.03},{"text":"in","start":7248.07,"end":7248.15},{"text":"on","start":7248.15,"end":7248.27},{"text":"that","start":7248.27,"end":7248.39},{"text":"one?","start":7248.39,"end":7248.59}]}]}],"speaker":{"affiliation":null,"group":null,"function":"Chair","affiliation_full":null}},{"statement_number":53,"start":7255.95,"pageUrl":"/en/asset/k14/k1424x5g53?t=2:00:56","paragraphs":[{"sentences":[{"text":"Because it's also determined for which group you want to measure.","start":7255.95,"end":7260.67,"topics":[{"key":"subgroup-specific-indexes","label":"Indices for Specific Household Groups","description":"A recurring topic was the design of inflation measures for retirees, low-income households, pensioners, and other population subgroups. 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Yeah, extremely interesting discussions and presentations here in this partly new area, I mean.","start":7313.87,"end":7323.31,"topics":[],"words":[{"text":"Yes,","start":7313.87,"end":7314.11},{"text":"thank","start":7314.11,"end":7314.31},{"text":"you,","start":7314.31,"end":7314.43},{"text":"Jill.","start":7314.43,"end":7314.75},{"text":"Yeah,","start":7315.23,"end":7315.87},{"text":"extremely","start":7315.95,"end":7316.59},{"text":"interesting","start":7316.59,"end":7317.31},{"text":"discussions","start":7317.95,"end":7318.91},{"text":"and","start":7318.95,"end":7319.07},{"text":"presentations","start":7319.07,"end":7319.87},{"text":"here","start":7319.87,"end":7320.11},{"text":"in","start":7320.11,"end":7320.27},{"text":"this","start":7320.27,"end":7320.91},{"text":"partly","start":7321.23,"end":7321.71},{"text":"new","start":7321.71,"end":7322.19},{"text":"area,","start":7322.19,"end":7322.75},{"text":"I","start":7322.75,"end":7322.91},{"text":"mean.","start":7322.91,"end":7323.31}]},{"text":"looking forward, will this be the development that we need to walk on to, follow two paths in developing CPIs and HCIs, household cost indices.","start":7324.07,"end":7337.87,"topics":[{"key":"cpi-social-policy","label":"CPI for Macroeconomic Use vs Social Policy","description":"Several speakers examined the tension between using CPI as a macroeconomic inflation indicator and using it to uprate pensions, wages, or benefits. 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these categories are those which we have found a predominant use of the CPI.","start":8347.63,"end":8353.39,"topics":[],"words":[{"text":"But","start":8347.63,"end":8347.87},{"text":"these","start":8348.35,"end":8348.75},{"text":"categories","start":8348.75,"end":8349.43},{"text":"are","start":8349.43,"end":8349.51},{"text":"those","start":8349.51,"end":8349.91},{"text":"which","start":8349.91,"end":8350.27},{"text":"we","start":8350.27,"end":8350.51},{"text":"have","start":8350.51,"end":8350.75},{"text":"found","start":8350.75,"end":8351.23},{"text":"a","start":8351.39,"end":8351.43},{"text":"predominant","start":8351.43,"end":8352.27},{"text":"use","start":8352.27,"end":8352.55},{"text":"of","start":8352.55,"end":8352.67},{"text":"the","start":8352.67,"end":8352.75},{"text":"CPI.","start":8352.75,"end":8353.39}]},{"text":"And for those of you that might be thinking, we'd really like to start up a PPI program, how do we tap into this when we don't have a supply use table to guide us, 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have 22 countries which have contributed to this data.","start":8367.99,"end":8372.55,"topics":[],"words":[{"text":"We","start":8367.99,"end":8368.23},{"text":"have","start":8368.23,"end":8368.55},{"text":"22","start":8368.55,"end":8369.51},{"text":"countries","start":8369.51,"end":8370.07},{"text":"which","start":8370.07,"end":8370.35},{"text":"have","start":8370.35,"end":8370.63},{"text":"contributed","start":8370.63,"end":8371.35},{"text":"to","start":8371.35,"end":8371.47},{"text":"this","start":8371.47,"end":8371.99},{"text":"data.","start":8372.15,"end":8372.55}]},{"text":"And it gives us a good sense of where CPIs could be possible for yourselves as well, although we reflect on the fact that each economy has its own setup and makeup, and it may not be 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we would ideally like to move into.","start":8720.91,"end":8723.35,"topics":[],"words":[{"text":"where","start":8720.91,"end":8721.19},{"text":"we","start":8721.19,"end":8721.43},{"text":"would","start":8721.43,"end":8721.59},{"text":"ideally","start":8721.67,"end":8722.15},{"text":"like","start":8722.15,"end":8722.35},{"text":"to","start":8722.35,"end":8722.83},{"text":"move","start":8722.83,"end":8723.03},{"text":"into.","start":8723.03,"end":8723.35}]},{"text":"If you have any questions or queries, I will be here for the next few days and/or this 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the Vorberg Group meeting has found a home, it will be being held in Copenhagen in 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very happy to welcome you or your PPI colleagues.","start":8746.23,"end":8750.39,"topics":[],"words":[{"text":"We're","start":8746.23,"end":8746.79},{"text":"very","start":8746.79,"end":8746.95},{"text":"happy","start":8747.03,"end":8747.75},{"text":"to","start":8747.91,"end":8748.07},{"text":"welcome","start":8748.07,"end":8748.55},{"text":"you","start":8748.55,"end":8748.79},{"text":"or","start":8748.79,"end":8749.19},{"text":"your","start":8749.19,"end":8749.43},{"text":"PPI","start":8749.43,"end":8749.91},{"text":"colleagues.","start":8749.91,"end":8750.39}]},{"text":"and that will be occurring in late September.","start":8750.99,"end":8753.31,"topics":[],"words":[{"text":"and","start":8750.99,"end":8751.19},{"text":"that","start":8751.19,"end":8751.31},{"text":"will","start":8751.31,"end":8751.47},{"text":"be","start":8751.47,"end":8751.71},{"text":"occurring","start":8751.71,"end":8752.27},{"text":"in","start":8752.27,"end":8752.43},{"text":"late","start":8752.43,"end":8752.71},{"text":"September.","start":8752.71,"end":8753.31}]},{"text":"Thank you.","start":8755.87,"end":8756.27,"topics":[],"words":[{"text":"Thank","start":8755.87,"end":8756.11},{"text":"you.","start":8756.11,"end":8756.27}]}]}],"speaker":{"affiliation":"Vorberg Group","group":null,"function":null,"affiliation_full":"Vorberg Group"}},{"statement_number":61,"start":8763.87,"pageUrl":"/en/asset/k14/k1424x5g53?t=2:26:04","paragraphs":[{"sentences":[{"text":"Thanks to Rowan, a fascinating presentation 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I bid you all a good evening.","start":9369.31,"end":9371.07,"topics":[],"words":[{"text":"But","start":9369.31,"end":9369.47},{"text":"I","start":9369.47,"end":9369.55},{"text":"bid","start":9369.87,"end":9370.03},{"text":"you","start":9370.03,"end":9370.23},{"text":"all","start":9370.23,"end":9370.43},{"text":"a","start":9370.43,"end":9370.47},{"text":"good","start":9370.47,"end":9370.67},{"text":"evening.","start":9370.67,"end":9371.07}]},{"text":"Enjoy the weather, and we'll see you all tomorrow.","start":9371.07,"end":9372.99,"topics":[],"words":[{"text":"Enjoy","start":9371.07,"end":9371.39},{"text":"the","start":9371.39,"end":9371.51},{"text":"weather,","start":9371.51,"end":9371.95},{"text":"and","start":9371.95,"end":9372.07},{"text":"we'll","start":9372.07,"end":9372.31},{"text":"see","start":9372.31,"end":9372.47},{"text":"you","start":9372.47,"end":9372.55},{"text":"all","start":9372.55,"end":9372.67},{"text":"tomorrow.","start":9372.67,"end":9372.99}]},{"text":"Thank you 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