Cape Verde: Statistics Institute presents new methodology for Consumer Price Index

18 February 2008

Praia, Cape Verde, 18 Feb – The national Statistics Institute (INE) of Cape Verde Friday in Praia presented the new basket of goods for calculating the Consumer Price Index (CPI) based on international standards.

On presenting the new CPI, INE’s president, António Duarte said that adapting to international standards would meet the recommendations of the World Labor Organization and the standards for harmonization of the CPI in the European Union (EU).

This indicator, whose base year is 2007 is, in from INE’s point 0f view, a much more reliable one and will be more representative of the reality in Cape Verde.

The new index will also cover the islands of Santiago, Sao Vicente and Santo Antao.

The new system follows the latest methodological innovations introduced by the World Labor Organization for calculating prices.

The previous CPI was calculated based on a Survey of Family Expenditure and Income, carried out in 1989 and no longer reflected Cape Verdean consumer habits, which led to errors in calculation, particularly for the rate of inflation. (macauhub)