Prices and Indices
The prices index numbers are one of the important indicators utilized in economic and planning studies, in addition to that, it reflects the changes in the structure of production and consumption sectors in the society. It is a statistical indicator for measuring any changes in prices of goods and services from time to time compared to a specific base year. Index numbers are considered a measurement used by states to know the general status of their economy and cost of living.
The Planning and Statistics Authority currently produces, three of Indices like consumer price index, CPI, which is a measure that examines the change in the weighted average of prices of a basket of consumer goods and services such as food, clothing, rental, transportation, etc. The CPI is produced on a monthly basis. The quarterly index is obtained as a simple average of the monthly CPIs. Also it produces Producer Price Index, PPI, that can be described as indices designed to measure either the average change in the price of goods as they leave the place of production or as they enter the production process, PPI is produced monthly. Machinery and Equipment price Index, MEPI, is also one of the new indicator that been produced since year of 2015, The MEPI is currently produced on a semi-annual basis and it covers selected types of machinery and equipment imported in the country and sold through agents. As an economic indicator, the MEPI is meant to track the price movements of all types of capitalized machinery and equipment.