Somalia: Technical Assistance Report-Consumer Price Index Mission (May 3–14, 2023)
Somalia: Technical Assistance Report-Consumer Price Index Mission (May 3–14, 2023)
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Volume/Issue:
Volume 2024
Issue 022
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Economics- Macroeconomics , Money and Monetary Policy , Public Finance , International - Economics , Somalia , Consumer Price Index (CPI) , CPI weights , price collection , , IMF executive directors , household budget survey , World Bank staff , reference period , entry system , CPI weight , Consumer price indexes
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Summary
A technical assistance (TA) mission was conducted by the statistics department of the IMF in May 2023 to assist the Somalia National Bureau of Statistics (SNBS) with updating the Consumer Price Index (CPI). Preliminary consumer basket was created during the mission with expanded coverage, and the higher aggregate weights were calculated using the updated classification of individual consumption by purpose (COICOP 2018). Somali Integrated Household Budget Survey (SIHBS) 2022 was used as a main source for calculating preliminary CPI weights. The index compilation methodology was reviewed and recommendations for improvements were provided.
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