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United States Chained Consumer Price Index
The United States Chained Consumer Price Index (C-CPI-U), also known as chain-weighted CPI or chain-linked CPI is a time series measure of price levels of consumer goods and services created by the Bureau of Labor Statistics as an alternative Consumer Price Index. It is based on the idea that in an inflationary environment, consumers will choose less-expensive substitutes. This reduces the rate of cost of living increases through the reduction of the quality of consumed goods. The "fixed weight" CPI also takes such substitutions into account, but does so through a periodic adjustment of the "basket of goods" that it represents, rather than through a continuous estimation of the declining quality of goods consumed. Application of the chained CPI to federal benefits has been controversially proposed to reduce the federal deficit.
== Background ==
Currently, the Bureau of Labor Statistics computes each month average prices of 211 different categories of goods and services in 38 different urban geographical areas, totaling 8,018 different elementary indices. From these, higher-level indices are obtained as weighted averages of these elementary indices, using different weights for different categories of goods and services nationwide or for different groups of consumers. One set of weights is used to obtain a consumer price index (CPI) for all urban consumers (CPI-U). Another is used to compute a CPI for urban wage earners and clerical workers (CPI-W). The weights for CPI-U and CPI-W are currently updated in January of every even-numbered year to correct for "substitution bias", the idea that consumers will change their buying patterns to keep their cost of living from rising as quickly as inflation.
To understand "substitution bias", consider for example the price of Granny Smith apples. If that increases, consumers may decide to purchase more Red Delicious apples; this "lower-level" substitution bias is accounted for in the current CPI-U and CPI-W. However, if consumers respond to this price increase by purchasing fewer apples and more oranges, this changes the "market basket" of goods they buy; this "upper-level" substitution is not accounted for in the traditional CPI until the next adjustment which could be up to two years later, but impacts the Chained CPI (C-CPI-U) the next month.
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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