Statbel is releasing a new educational video within the Statbel Academy about the Consumer Price Index (CPI) and inflation. In this video, Statbel statisticians Florence and Margot explain what exactly the CPI measures, how inflation is calculated, and how Statbel produces these figures each month.

The Consumer Price Index is one of the most important statistics produced by Statbel. Inflation is calculated based on this index, an indicator that plays a central role in economic debate and is used, among others, for the indexation of wages and salaries, benefits and pensions. Despite frequent media coverage, the concepts of CPI and inflation remain abstract for many people.

The video explains step by step what the CPI measures: the evolution of prices of goods and services purchased by Belgian households. It also covers how inflation is calculated by comparing the index with previous periods, both on a monthly and yearly basis. Other important indices are also explained, such as the health index, the smoothed health index, and the Harmonised Index of Consumer Prices (HICP).

The video also goes deeper into the methodology behind the figures. It describes how prices are collected, through surveys, administrative data, scanner data and web scraping, and how products and services are classified according to the ECOICOP classification. The importance of the reference year and the need to keep product characteristics constant are also addressed.

With Statbel Academy, Statbel wants to explain statistical concepts in an accessible way and thus contribute to statistical literacy. This video supports that mission and offers viewers a clearer understanding of the figures that appear in the news every month.

Watch the video on the Consumer Price Index and inflation here in Dutch:

Watch the video on the Consumer Price Index and inflation here in French: