These methodological differences have real, non-trivial implications: owner-occupied housing can make up a significant share of the consumer price basket (e.g. To widen the differences even further: in Europe, Eurostat excludes owner-occupied housing rents entirely from the Harmonized Index of Consumer Prices (HICP). Statistics Canada also incorporates owner-occupied housing into Canada’s CPI, but it uses a substantially different approach, pricing mortgage interest costs and housing replacement costs instead of owner’s equivalent rent. BLS bases this, in part, on estimates of the expected market rate rent for each owner-occupied unit given its amenities and characteristics. In the U.S., for example, the Bureau of Labor Statistics (BLS) includes owners’ equivalent rent (OER)-the rental value of housing services received by homeowners-as a part of CPI. One of the most significant methodological differences involves owner-occupied housing. While advanced countries address many of these hurdles in similar ways, it is little surprise that methodological differences both large and small have also arisen over time. Measuring inflation is a difficult but crucial task for national statistical agencies and doing so raises a host of methodological choices-and challenges. Inflation measurement can differ significantly between countries. That said, inflation going forward remains considerably uncertain across all G7 nations, including the U.S. now has the lowest 12-month harmonized inflation in the G7, both for overall and core inflation. Though inflation remains elevated across all countries in this analysis, the U.S. harmonized inflation generally rose and peaked earlier in the pandemic than the rest of the G7, measured on a 12-month basis. In this blog post, the Council of Economic Advisers assembles and constructs harmonized inflation data for G7 countries, allowing for more apples-to-apples inflation comparisons. Due to a variety of measurement issues, such a comparison is harder than is commonly recognized. inflation compares to inflation in other advanced countries. One common question this raises is how U.S. has declined substantially since last summer, when its yearly growth peaked at over nine percent. In May, Consumer Price Index (CPI) inflation in the United States was four percent year-on-year. Get Involved Show submenu for “Get Involved””.The White House Show submenu for “The White House””.Office of the United States Trade Representative.Office of Science and Technology Policy.Executive Offices Show submenu for “Executive Offices””.Administration Show submenu for “Administration””.
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