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Money How the inflation rate is calculated

09:30  29 november  2021
09:30  29 november  2021 Source:   pressfrom.com

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Inflation in Germany currently seems to know just one direction: up. Every month, the Federal Statistical Office calculates as prices developed compared to the month before and compared to the same month of the previous year. For this, the statistician regularly capture thousands of individual prices of goods and services.

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price lever of statistical substitutes and the Wiesbaden Federal Office write down nationwide every month, which costs fruits and vegetables, books and magazines, shoes or furniture. How expensive is a package holiday or the visit to the hairdresser? The prices are charged for the same product in the same stores. More than 300,000 individual prices of goods and services are representatively compiled according to a same scheme. Part of this is automatically recorded over the Internet, for example for online products. If a product is rarely, or no longer sold, it is replaced by another.

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Which function has the so-called shopping cart?

The individual prices are summarized to around 650 goods types that form the so-called shopping cart. On this basis, the statisticians calculate the development of inflation. Since consumers do not spend much for the housing rent as for clothing, for example, the individual items are weighted differently. Cold rents account for just 20 percent of the shopping basket. Including the cost of heating or electricity as well as other utilities such as wastewater and waste fees, living with more than 30 percent will be booked. Another big item is at just under 13 percent of the traffic area. These include, among other things, the prices for the purchase of a car, the visit to the gas station or the use of public transport.

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Remains the weight unchanged in the shopping cart?

The Federal Statistical Office, based in Wiesbaden, usually checks the weighting every five years. Because the consumption and shopping habits of people change. Changes are particularly evident in the longer term. Thus, in the first basket of the Federal Republic of 1950 foods had a share of more than 50 percent. Today, the spending for living is the largest items. The next review is 2022, a year later the result.

Is there a personal inflation rate?

The inflation rate is an average value that does not necessarily meet the individual purchasing behavior of individual consumers. There are also prices that people perceive particularly strongly. These are especially goods that buy more frequently, for example food. Consumers can calculate their personal inflation rate with the help of the intervals calculator on the homepage of the Federal Statistical Office and compare them with the official consumer price index.

Meeting consumer prices equal to all people?

Necessary expenses, for example for food, rent and energy, tend to make a larger proportion of your budget for less financially sovereign families than with higher income private households.

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