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Modernizing the Consumer Price Index for the 21st Century (2022) / Chapter Skim
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7 Organizational Considerations and Overarching Guidance
Pages 155-162

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From page 155...
... 7.1. COORDINATION WITHIN BLS A shift toward greater use of alternative and nontraditional data sources is a complex task touching on many dimensions of CPI data acquisition and methodology.
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From page 156...
... Although coordination already exists among these agencies, more will be needed for the acquisition and innovative use of alternative data sources in these efforts. Recommendation 7.2: More extensive collaboration between BLS, the Census Bureau, and BEA -- along with other statistical agencies that col lect key economic data, such as USDA -- is needed to advance the acqui sition and use of alternative data sources in the production of economic indi­cators.
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From page 157...
... 3) recommended that a higher-level cross-agency entity "should assist federal statistical agencies in identifying data sources that can most effectively inform the creation of national statistics, help develop techniques to use data from these sources to com pute national statistics while respecting privacy and other protection obligations on the data, and nurture the expertise required to perform these functions" (www.nap.edu/read/24893/ chapter/1.
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From page 158...
... innovative ap proaches to the use of alternative data sources that have been developed by various non-U.S. national statistical offices.
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From page 159...
... A key element of this communication, as alternative data sources are incorporated into the CPI, is to ensure that stakeholders know the specific sources of data and index methodology used for individual components as well as the terms on which BLS obtained the data so that all users are an equal footing in interpreting CPI releases. One statistical office that undertook aggressive and frequent commu nication about the use of alternative data sources is the Australian Bureau of Statistics.
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From page 160...
... 7.4. DATA ACQUISITION AND ACCESS Beyond content-oriented questions about coverage and representative ness, scope of variables, and transparency regarding methods, the potential of commercial data sources is often limited by legal access hurdles and privacy concerns (NASEM, 2020, p.
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From page 161...
... Moreover, as legal and administrative frameworks become more established and standardized, these efforts should become more routine. A00858 -- Consumer Price Index REV.indd 161 8/15/22 11:54 AM
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From page 162...
... A00858 -- Consumer Price Index REV.indd 162 8/15/22 11:54 AM
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Key Terms

  • alternative data
  • statistical agencies
  • index rev
  • data modernization
  • consumer price

  • data acquisition
  • price measurement
  • confidential information
  • census bureau
  • information protection

  • data transformation
  • statistical efficiency
  • cpi modernization
  • statistical offices
  • key economic

  • particularly valuable
  • canada advisory
  • transactions data
  • efficiency act
  • statistics canada

  • technical staff
  • national statistics
  • economic statistics
  • economic data
  • cpi data

  • collect applicable
  • level index
  • interagency collaboration
  • commercial data
  • australian bureau


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