CPI - Consumer Price Index
Project ideation by Fateme Aydin, with support from Laura G. Funderburk and Lisa Cao
The consumer price index, known as CPI, is an indicator to show price changes of goods and services over time. It is like a basket full of all the goods and services that a Canadian pays for each month. Each item in the basket has its portion. For instance, we typically spend more money on gas than milk to take a significant amount in the basket than milk. The target populations are families and individuals living in urban and rural private households in Canada.
These prices are collected monthly from designated retail outlets by interviewers and other sources like the internet, telephone, etc. All quality and quantity changes have been cons,ered in the CPI.
There are some exceptions in collecting prices for goods and services or in the target population:
- Sales taxes and any other indirect taxes paid by consumers
- People living in the collective households, such as members of communal colonies, prison inmates, people living on Indian reserves
This project aims to study trends in consumer behaviour and national prices for various products and services during the pandemic. This project aims to work on data that shows what was the consumer price index before and after the pandemic. How shopping behaviour started to change and also prices started to vary based on that. What is the relationship between products and what people tend to buy each month?
This project will help us know what products and services we need to focus on during any pandemic and how we can prevent price increases for essential products and services.
- Which areas were affected the most during the pandemic?
- How were the trends on those products?
- What were the high-demand products during the pandemic?
- How were the prices changes on those products?
- Where are the trends and price changes related to each other?
- Were these products essential?
- Could we offer another product instead of those?
- Which products had the most price changes?
- Were they essential products?
- Is there any relationship between demand and price changes?
- How prices will change in the next 12 months?
- How trends will change in the next 12 months?
- Visualization: Sergio Olinsser, Aragon Grijalva, Pratik Goswami, Valerie Kistrina
- Data manipulation: Valerie Kistrina, Pratik Goswami, Sergio Olinsser, Aragon Grijalva, Vibhuti Gandhi
- Machine learning model#1: Vibhuti Gandhi
- Machine learning model#2:Sergio Olinsser
- Documentation: Valerie Kistrina, Megan Andrews, Jason Dang
- Presentation: Valerie Kistrina
- GitHub: Young Kweon
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Statistics Canada: Monthly adjusted consumer expenditure basket weights
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Statistics Canada: Monthly adjusted price index, provisional
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Statistics Canada: Consumer Price Index, monthly, seasonally adjusted
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Statistics Canada: Consumer Price Index (CPI)
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An Overview of Canada’s Consumer Price Index (CPI) - YouTube
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The Consumer Price Index and Your Experience of Price Change - YouTube
Link to Statistics Canada License: https://www.statcan.gc.ca/eng/reference/licence