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RBA Glossary definition for inflation

inflation – A measure of the change (increase) in the general level of prices.

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The Distribution and Measurement of Inflation

1 Sep 1998 RDP 9810
Jonathan Kearns
Research Discussion Papers contain the results of economic research within the Reserve Bank
https://www.rba.gov.au/publications/rdp/1998/9810.html

Measuring Core Inflation

1 Sep 1998 RDP 9810
Jonathan Kearns
However, measured inflation can differ markedly from such a definition of core inflation. ... of the tails of the distribution in calculating a trimmed mean measure of inflation.
https://www.rba.gov.au/publications/rdp/1998/1998-10/measuring-core-inflation.html

The Distribution and Measurement of Inflation

1 Sep 1998 RDP 9810
Jonathan Kearns
Research Discussion Paper – RDP 9810 The Distribution and Measurement of Inflation.
https://www.rba.gov.au/publications/rdp/1998/1998-10/

Introduction

1 Sep 1998 RDP 9810
Jonathan Kearns
In either case, such movements in prices are not indicative of the persistent component of inflation. ... Typically, central banks examine some measure of core inflation that seeks to abstract from these influences.
https://www.rba.gov.au/publications/rdp/1998/1998-10/introduction.html

References

1 Sep 1998 RDP 9810
Jonathan Kearns
Hall (ed.), Inflation: Causes and Effects, The University of Chicago Press, Chicago, pp. ... 381–431. Golob, J.E. (1993), ‘Inflation, Inflation Uncertainty, and Relative Price Variability: A Survey’, Federal Reserve Bank of Kansas City Research
https://www.rba.gov.au/publications/rdp/1998/1998-10/references.html

Appendix A: Derivation of the Weights

1 Sep 1998 RDP 9810
Jonathan Kearns
RDP 9810: The Distribution and Measurement of Inflation Appendix A: Derivation of the Weights. ... Manipulating Equation (A1) in the same manner as Equation (A3), the aggregate quarterly inflation rate can be derived as a weighted sum of the quarterly
https://www.rba.gov.au/publications/rdp/1998/1998-10/appendix-a.html

Appendix B: Component Frequency in the Distribution Tails

1 Sep 1998 RDP 9810
Jonathan Kearns
RDP 9810: The Distribution and Measurement of Inflation Appendix B: Component Frequency in the Distribution Tails. ... deviations from the mean rate of inflation in the left- and right-hand tails of the distribution.
https://www.rba.gov.au/publications/rdp/1998/1998-10/appendix-b.html

Conclusion

1 Sep 1998 RDP 9810
Jonathan Kearns
Consequently, measures of core inflation which abstract from unrepresentative price changes are useful to policy-makers. ... The 100 per cent trim may, therefore, be considered the best trimmed mean measure of inflation.
https://www.rba.gov.au/publications/rdp/1998/1998-10/conclusion.html

Appendix C: Example of the Calculation of Trimmed Means

1 Sep 1998 RDP 9810
Jonathan Kearns
RDP 9810: The Distribution and Measurement of Inflation Appendix C: Example of the Calculation of Trimmed Means. ... 0.00. 0.00. 0.40. 0.50. 0.10. 0.00. Table C2: Calculation of Measures of Inflation.
https://www.rba.gov.au/publications/rdp/1998/1998-10/appendix-c.html

Behaviour of the Statistical Core Inflation Series

1 Sep 1998 RDP 9810
Jonathan Kearns
In most quarters, the core series record similar rates of inflation to the mean. ... Since then the core inflation series has not slowed as markedly as the underlying series.
https://www.rba.gov.au/publications/rdp/1998/1998-10/behaviour-of-the-statistical-core-inflation-series.html