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RBA Glossary definition for CPI

CPI – Consumer Price Index. A general measure of price inflation for the household sector compiled and published by the Australian Bureau of Statistics.

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Appendix A: Smoothing of Selected CPI Components

31 Dec 2006 RDP 2006-11
Christian Gillitzer and John Simon
CPI components with lowest and highest α coefficients. 12 items with lowest α coefficients. ... α. (a). Variance. (b). CPI weight. (a). Motor fuel. 0.09. 27.31.
https://www.rba.gov.au/publications/rdp/2006/2006-11/appendix-a.html

Results

31 Dec 2006 RDP 2006-11
Christian Gillitzer and John Simon
a). Forecast horizon. Component-smoothed inflation. (b,c). CPI. (b). CPI ex volatiles. ... Candidate series does not Granger cause CPI. CPI does not Granger cause candidate series.
https://www.rba.gov.au/publications/rdp/2006/2006-11/results.html

Component-smoothed Inflation: Estimating the Persistent Component of Inflation in Real Time

1 Dec 2006 RDP 2006-11
Christian Gillitzer and John Simon
Research Discussion Papers contain the results of economic research within the Reserve Bank
https://www.rba.gov.au/publications/rdp/2006/2006-11.html

Component-smoothed Inflation: Estimating the Persistent Component of Inflation in Real Time

1 Dec 2006 RDP 2006-11
Christian Gillitzer and John Simon
Research Discussion Paper – RDP 2006-11 Component-smoothed Inflation: Estimating the Persistent Component of Inflation in Real Time. Christian Gillitzer and John Simon. December 2006. 313. KB. We would like to thank Ellis Connolly, Christopher
https://www.rba.gov.au/publications/rdp/2006/2006-11/

Caveats

31 Dec 2006 RDP 2006-11
Christian Gillitzer and John Simon
slower to reflect these inflationary pressures than the CPI itself or may reflect shocks whose influence on the economy has already dissipated. ... Our measure, because it is calculated on the level and maintains unbiasedness with respect to the CPI,
https://www.rba.gov.au/publications/rdp/2006/2006-11/caveats.html

Literature Review

31 Dec 2006 RDP 2006-11
Christian Gillitzer and John Simon
and i indexes individual components of the CPI. Diewert (1995) discusses this view and shows that a ‘neo-Edgeworthian’ measure which weights movements in each price series by their volatility would ... To address this concern, Laflèche (1997)
https://www.rba.gov.au/publications/rdp/2006/2006-11/literature-review.html

Conclusion

31 Dec 2006 RDP 2006-11
Christian Gillitzer and John Simon
fuel are smoothed heavily while stable series such as rents are smoothed very little, with other CPI items lying on a continuum between these extremes.
https://www.rba.gov.au/publications/rdp/2006/2006-11/conclusion.html

An Alternative Measure of Underlying Inflation

31 Dec 2006 RDP 2006-11
Christian Gillitzer and John Simon
It also means that there is the potential for deviations between headline CPI and various underlying measures to emerge. ... Component-smoothed inflation is calculated using two equations to smooth the price level of each CPI component series.
https://www.rba.gov.au/publications/rdp/2006/2006-11/alternative-measure-of-underlying-inflation.html