Procurement shifts (outlet substitution bias)

In the calculation of the cost-of-living price index, the fact that changes in supply in many consumer-related markets – for example, from the “corner store” to the chain discount store or from the specialty store to the hardware store – mean that goods can be purchased more cheaply by private households. This shift, triggered by changes in the commercial distribution structure, raises a number of unresolved issues for the precise measurement of inflation. – See base effect, Harmonized Index of Consumer Prices, inflation measurement, composition effect, product novelties, quality changes, substitution behavior.

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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
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