Cornell University
Library
Cornell UniversityLibrary

eCommons

Help
Log In(current)
DigitalCollections@ILR
ILR School
  1. Home
  2. ILR School
  3. Library
  4. Catherwood Library
  5. Key Workplace Documents
  6. Federal Publications
  7. Federal Publications
  8. The Cost of 'Basic Necessities' Has Risen Slightly More Than Inflation Over the Last 30 Years

The Cost of 'Basic Necessities' Has Risen Slightly More Than Inflation Over the Last 30 Years

File(s)
BLS_BTN_The_cost_of_basic_necessities.pdf (509.89 KB)
Permanent Link(s)
https://hdl.handle.net/1813/78995
Collections
Federal Publications
Publications of the U.S. Bureau of Labor Statistics
Author
Church, Jonathan
Abstract

[Excerpt] Contracts often use an all-items index to ensure that payments are adjusted to account for overall consumer inflation in the economy. The CPI is designed to track the average change over time in the prices paid by either urban consumers or urban wage earners for a constant-quality market basket of goods and services. Cost-of-living adjustments that use the CPI for All Items are based on changes in the average level of prices across the broadest range of goods and services available in the consumer marketplace. However, one might be interested in price change across a more limited range of items. For example, one might wish to know how the price of a set of items that constitute “basic necessities” for daily living changes. A general consensus on the set of goods and services necessary for daily living is perhaps elusive; however, this Beyond the Numbers article constructs three pairs of experimental indexes for three different sets of goods and services that might reasonably be considered necessary for daily living. Each pair consists of a U.S. city average for the CPI-U and for the CPI-W. Thus, six indexes are presented for comparison.

Date Issued
2015-06-01
Keywords
cost-of-living adjustment
•
COLA
•
Consumer Price Index
•
CPI
•
inflation
•
earnings
Type
government record

Site Statistics | Help

About eCommons | Policies | Terms of use | Contact Us

copyright © 2002-2026 Cornell University Library | Privacy | Web Accessibility Assistance