Statystyczne modele pomiaru inflacji w praktyce banków centralnych
Statistical models of inflation measurement in central banks’ practice

Summary/Abstract: Inflation index is a very important statistical measure used for decision making in economics. It is also the key parameter of the monetary policy for the central banks that apply the strategy of direct inflation targeting. In this paper three inflation measurement models have been presented: CPI (Consumer Price Index) used by the central Bank of Poland (NBP), the HICP (Harmonised Index of Consumer Prices), applied by European Central Bank, in which the structure of consumption is based on National Accounts data, and PCE (Personal Consumption Expenditures Index) that has been used by the Federal Reserve of the USA since the year 2000. Their main advantages and limitations for the monetary policy conducted by the three central banks have been also discussed.

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