Designing a Market Basket for NAEP Summary of a Workshop (2000) / Chapter Skim
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3 The Consumer Price Index Market Basket
3 The Consumer Price Index Market Basket
Pages 16-18
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MAJOR USES OF THE CPI Stewart explained that the CPI is a measure of the average change over time in the prices paid by urban consumers in the United States for a fixed basket of goods in a fixed geographic area. The CPI is widely used as an economic indicator and a means of adjusting other economic series (e.g., 16
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The current CPI market basket is based on the Consumer Expenditure Survey conducted between 1993 and 1995. Approximately 30,000 families responded to this survey, providing information on their spending habits through quarterly interviews and by keeping comprehensive diaries of purchases.
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From page 18... ...
PARALLELS WITH EDUCATIONAL SETTINGS In response to Stewart's presentation, workshop participants attempted to draw parallels between the CPI and the NAEP market-basket proposal. In doing so, they realized that the construction and measurement of the CPI market basket is somewhat different than that envisioned for the NAEP market basket.
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