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Consumer price index

What you should know about this indicator

Consumer price index reflects changes in the cost to the average consumer of acquiring a basket of goods and services that may be fixed or changed at specified intervals, such as yearly. The Laspeyres formula is generally used. Data are period averages.

Limitations and exceptions: Consumer price indexes should be interpreted with caution. The definition of a household, the basket of goods, and the geographic (urban or rural) and income group coverage of consumer price surveys can vary widely by country. In addition, weights are derived from household expenditure surveys, which, for budgetary reasons, tend to be conducted infrequently in developing countries, impairing comparability over time. Although useful for measuring consumer price inflation within a country, consumer price indexes are of less value in comparing countries.

Statistical concept and methodology: Consumer price indexes are constructed explicitly, using surveys of the cost of a defined basket of consumer goods and services.

Source
Multiple sources compiled by World Bank (2024) – processed by Our World in Data
Last updated
May 20, 2024
Next expected update
May 2025
Date range
1960–2022
Unit
2010 = 100

Related research and writing

Consumer Price Index over time, converging to base year

How are incomes adjusted for inflation?

Joe Hasell and Max Roser

Sources and processing

This data is based on the following sources

The World Development Indicators (WDI) is the primary World Bank collection of development indicators, compiled from officially-recognized international sources. It presents the most current and accurate global development data available, and includes national, regional and global estimates.

Retrieved on
May 20, 2024
Retrieved from
https://datacatalog.worldbank.org/search/dataset/0037712/World-Development-Indicators
Citation
This is the citation of the original data obtained from the source, prior to any processing or adaptation by Our World in Data. To cite data downloaded from this page, please use the suggested citation given in Reuse This Work below.
World Bank's World Development Indicators (WDI).

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All data and visualizations on Our World in Data rely on data sourced from one or several original data providers. Preparing this original data involves several processing steps. Depending on the data, this can include standardizing country names and world region definitions, converting units, calculating derived indicators such as per capita measures, as well as adding or adapting metadata such as the name or the description given to an indicator.

At the link below you can find a detailed description of the structure of our data pipeline, including links to all the code used to prepare data across Our World in Data.

Read about our data pipeline

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Citations

How to cite this page

To cite this page overall, including any descriptions, FAQs or explanations of the data authored by Our World in Data, please use the following citation:

“Data Page: Consumer price index”. Our World in Data (2024). Data adapted from International Monetary Fund (via World Bank). Retrieved from https://ourworldindata.org/grapher/consumer-price-index [online resource]
How to cite this data

In-line citationIf you have limited space (e.g. in data visualizations), you can use this abbreviated in-line citation:

Multiple sources compiled by World Bank (2024) – processed by Our World in Data

Full citation

Multiple sources compiled by World Bank (2024) – processed by Our World in Data. “Consumer price index” [dataset]. International Monetary Fund (via World Bank), “World Development Indicators” [original data]. Retrieved November 23, 2024 from https://ourworldindata.org/grapher/consumer-price-index