24-Measuring Cost of Living

Measuring
the Cost of Living 24

Copyright©2004 South-Western
Measuring the Cost of Living
• Inflation refers to a situation in which the
economy’s overall price level is rising.
• The inflation rate is the percentage change in
the price level from the previous period.
Inflasi: kenaikan harga barang secara keseluruhan.

Tingkat Inflasi: persentase tingkat perubahan harga dari
satu periode lalu
THE CONSUMER PRICE INDEX
• The consumer price index (CPI) is a measure of the
overall cost of the goods and services bought by a typical
consumer.
• The Bureau of Labor Statistics reports the CPI each month.
• It is used to monitor changes in the cost of living over
time.
• Indeks harga konsumen (IHK) = Consumer Price Index
(CPI) yaitu ukuran biaya dari barang dan jasa yang selalu
dibeli para konsumen.
• Indeks harga konsumen (IHK): dilaporkan oleh BPS
• Indeks harga konsumen (IHK): indikator biaya hidup
THE CONSUMER PRICE INDEX
• When the CPI rises, the typical family has to spend
more dollars to maintain the same standard of living.
Manakala IHK meningkat 

keluarga membelanjakan lebih
banyak rupiah untuk
mempertahankan standar hidup
How the Consumer Price Index Is Calculated
• Fix the Basket: Determine what prices are most

important to the typical consumer.
• The Bureau of Labor Statistics (BLS) identifies a
market basket of goods and services the typical
consumer buys.
• The BLS conducts monthly consumer surveys to set
the weights for the prices of those goods and
services.
BPS mengidentifikasi sekeranjang barang yang biasa dibeli
konsumen, melakukan survei bulanan untuk memberi
pembobotan terhadap barang dan jasa
• Find the Prices: Find the prices of each of the

goods and services in the basket for each point
in time.
BPS melakukan survei harga sekeranjang barang yang telah

ditentukan pada waktu tertentu
• Compute the Basket’s Cost: Use the data on

prices to calculate the cost of the basket of
goods and services at different times.
Menghitung biaya sekeranjang barang dengan data

harga yang telah dikumpulkan
• Choose a Base Year and Compute the Index :

• Designate one year as the base year, making it the
benchmark against which other years are compared.
• Compute the index by dividing the price of the
basket in one year by the price in the base year and
multiplying by 100.
Memilih tahun dasar dan menghitung indeks:

Indeks dihitung dengan membagi harga tahun tertentu
dengan tahun dasar dikalikan 100
• Compute the inflation rate: The inflation rate

is the percentage change in the price index from
the preceding period.
Menghitung tingkat inflasi: persentase perubahan harga

periode tertentu dari satu periode lalu
• The Inflation Rate

• The inflation rate is calculated as follows:
C P I in Y e a r 2 - C P I in Y e a r 1
In fla tio n R a te in Y e a r 2 = 100
C P I in Y e a r 1
How the Consumer
Menghitung angka indeksPrice Index Is
Calculated
L = IHK
Pn = harga tahun ke n
Po = kuantitas tahun ke 0
Qo = kuantitas tahun ke 0
 qo
 pn
Bobotnya adalah nilai

pada tahun dasar 
nilai pada 2010
Menghitung angka indeks
• Calculating the Consumer Price Index and the

Inflation Rate: Another Example
• Base Year is 2002.
• Basket of goods in 2002 costs $1,200.
• The same basket in 2004 costs $1,236.
• CPI = ($1,236/$1,200)  100 = 103.
• Prices increased 3 percent between 2002 and 2004.
FYI: What’s in the CPI’s Basket?
16%
Food and
beverages
17% 41%
Transportation Housing
Education and
6%
communication 6%
6% 4% 4%
Medical care
Other goods
Recreation Apparel and services
Problems in Measuring the Cost of Living
• The CPI is an accurate measure of the selected

goods that make up the typical bundle, but it is
not a perfect measure of the cost of living.
• Substitution bias
• Introduction of new goods
• Unmeasured quality changes
• Substitution Bias
• The basket does not change to reflect consumer
reaction to changes in relative prices.
• Consumers substitute toward goods that have become
relatively less expensive.
• The index overstates the increase in cost of living by not
considering consumer substitution.
Keranjang barang yang tetap, tidak mencerminkan reaksi
konsumen terhadap perubahan harga relatif.
•Konsumen mengganti barang yang menjadi relatif lebih murah.
•Indeks melebih-lebihkan peningkatan biaya hidup dengan tidak
mempertimbangkan substitusi konsumen.
• Introduction of New Goods

• The basket does not reflect the change in
purchasing power brought on by the introduction of
new products.
• New products result in greater variety, which in turn makes
each dollar more valuable.
• Consumers need fewer dollars to maintain any given standard
of living.
Keranjang barang tidak mencerminkan perubahan daya beli yang disebabkan
oleh pengenalan produk baru.
•Produk baru menghasilkan variasi yang lebih besar, yang pada gilirannya
membuat setiap rupiah lebih berharga.
•Konsumen membutuhkan lebih sedikit rupiah untuk mempertahankan standar
hidup yang diberikan
• Unmeasured Quality Changes

• If the quality of a good rises from one year to the next, the value
of a dollar rises, even if the price of the good stays the same.
• If the quality of a good falls from one year to the next, the value
of a dollar falls, even if the price of the good stays the same.
• The BLS tries to adjust the price for constant quality, but such
differences are hard to measure.
• Jika kualitas barang naik dari satu tahun ke tahun berikutnya, nilai
rupiah naik, meskipun harga barangnya tetap sama.
• Jika kualitas suatu barang turun dari satu tahun ke tahun
berikutnya, nilai satu rupiah jatuh, meskipun harga barangnya
tetap sama.
• BPS mencoba menyesuaikan harga untuk kualitas konstan, tetapi
perbedaan tersebut sulit diukur.
• The substitution bias, introduction of new goods, and

unmeasured quality changes cause the CPI to overstate
the true cost of living.
• The issue is important because many government programs use
the CPI to adjust for changes in the overall level of prices.
• The CPI overstates inflation by about 1 percentage point per year.
• Masalah ini penting karena banyak program pemerintah

menggunakan IHK untuk menyesuaikan perubahan dalam
tingkat harga keseluruhan.
• IHK melebih-lebihkan inflasi sekitar 1 poin persentase per
tahun.
The GDP Deflator versus the Consumer
Price Index
• The GDP deflator is calculated as follows:
N o m in a l G D P
G D P d e fla to r = 100
R eal G D P
Price Index
• The BLS calculates other prices indexes:
• The index for different regions within the country.
• The producer price index, which measures the
cost of a basket of goods and services bought by
firms rather than consumers.
Price Index
• Economists and policymakers monitor both the
GDP deflator and the consumer price index to
gauge how quickly prices are rising (untuk
mengukur seberapa cepat harga naik).
• There are two important differences between
the indexes that can cause them to diverge.
Price Index
• The GDP deflator reflects the prices of all
goods and services produced domestically,
whereas...
• …the consumer price index reflects the prices
of all goods and services bought by consumers.
PDB deflator:
harga semua barang dan jasa yang diproduksi domestik
IHK:
harga barang dan jasa yang dibeli konsumen (sekeranjang
tertentu)
Price Index
IHK:
harga barang dan
jasa yang dibeli
konsumen
PDB deflator:
harga semua
barang dan jasa
yang diproduksi
domestik
Price Index
• The consumer price index compares the price of a fixed basket
of goods and services to the price of the basket in the base year
(only occasionally does the BLS change the basket)...
• …whereas the GDP deflator compares the price of currently
produced goods and services to the price of the same goods and
services in the base year.
• Indeks harga konsumen membandingkan harga sekeranjang

barang dan jasa dengan harga keranjang barang di tahun dasar
(hanya kadang-kadang BPS mengubah keranjang)
• PDB deflator membandingkan harga barang dan jasa yang
diproduksi saat ini dengan harga barang dan jasa yang sama di
tahun dasar.
Figure 2 Two Measures of Inflation
Percent
per Year
15
CPI
10
5
GDP deflator
0
1965 1970 1975 1980 1985 1990 1995 2000
CORRECTING ECONOMIC VARIABLES
FOR THE EFFECTS OF INFLATION
• Price indexes are used to correct for the effects
of inflation when comparing dollar figures from
different times.
Indeks harga digunakan untuk mengoreksi efek

inflasi ketika membandingkan angka rupiah dari
waktu yang berbeda
Dollar Figures from Different Times
• Do the following to convert (inflate) Babe Ruth’s

wages in 1931 to dollars in 2001:
P ric e le v e l in 2 0 0 1
S a la ry 2001  S a la ry 1931 
P ric e le v e l in 1 9 3 1
177
 $ 8 0 ,0 0 0 
1 5 .2
 $ 9 3 1 ,5 7 9
bahwa gaji Babe Ruth tahun 1931 setara dengan gaji
tahun 2009, yaitu lebih dari $ 1 juta
Table 2 The Most Popular Movies of All Times,
Inflation Adjusted
Indexation
• When some dollar amount is automatically

corrected for inflation by law or contract, the
amount is said to be indexed for inflation.
Ketika sejumlah dolar/rupiah secara otomatis dikoreksi

untuk inflasi oleh hukum atau kontrak, nilai tersebut
dikatakan diindeks untuk inflasi
Real and Nominal Interest Rates
• Interest represents a payment in the future for a

transfer of money in the past.
• The nominal interest rate is the interest rate
usually reported and not corrected for inflation.
• It is the interest rate that a bank pays.
• The real interest rate is the nominal interest
rate that is corrected for the effects of inflation.
Real and Nominal Interest Rates
• You borrowed $1,000 for one year.

• Nominal interest rate was 15%.
• During the year inflation was 10%.
Real interest rate = Nominal interest rate – Inflation

= 15% - 10% = 5%
Figure 3 Real and Nominal Interest Rates
Interest Rates
(percent
per year)
15
10 Nominal interest rate
Real interest rate

–5
1965 1970 1975 1980 1985 1990 1995 2000
Summary
• The consumer price index shows the cost of a
basket of goods and services relative to the cost
of the same basket in the base year.
• The index is used to measure the overall level
of prices in the economy.
• The percentage change in the CPI measures the
inflation rate.
Summary
• The consumer price index is an imperfect
measure of the cost of living for the following
three reasons: substitution bias, the
introduction of new goods, and unmeasured
changes in quality.
• Because of measurement problems, the CPI
overstates annual inflation by about 1
percentage point.
Summary
• The GDP deflator differs from the CPI because
it includes goods and services produced rather
than goods and services consumed.
• In addition, the CPI uses a fixed basket of
goods, while the GDP deflator automatically
changes the group of goods and services over
time as the composition of GDP changes.
Summary
• Dollar figures from different points in time do
not represent a valid comparison of purchasing
power.
• Various laws and private contracts use price
indexes to correct for the effects of inflation.
• The real interest rate equals the nominal interest
rate minus the rate of inflation.
QUESTIONS FOR REVIEW
1. Which do you think has a greater effect on the consumer

price index: a 10 percent increase in the price of chicken or a
10 percent increase in the price of caviar? Why?
Menurut Anda, mana yang lebih berpengaruh pada indeks

harga konsumen: 10 persen kenaikan harga ayam atau 10
persen kenaikan harga caviar? Mengapa?
1. Describe the three problems that make the consumer price

index an imperfect measure of the cost of living.
Jelaskan tiga masalah yang membuat indeks harga

konsumen menjadi ukuran yang tidak sempurna dari
biaya hidup
1. If the price of a Navy submarine rises, is the consumer price
index or the GDP deflator affected more? Why?
Jika harga kapal selam Angkatan Laut naik, apakah

indeks harga konsumen atau deflator PDB yang lebih
terpengaruh? Mengapa?
1. Over a long period of time, the price of a candy bar rose

from $0.10 to $0.60. Over the same period, the consumer
price index rose from 150 to 300. Adjusted for overall
inflation, how much did the price of the candy bar change?
Selama periode waktu yang lama, harga permen meningkat dari

$ 0,10 menjadi $ 0,60. Selama periode yang sama, indeks harga
konsumen naik dari 150 menjadi 300. Disesuaikan dengan
inflasi keseluruhan, berapa harga permen berubah?
PROBLEMS AND APPLICATIONS
1. Suppose that people consume only three goods, as shown in

this table:
a. Berapa persentase perubahan harga masing-masing ketiga

barang tersebut?
b. Menggunakan metode yang mirip dengan indeks harga
konsumen, hitung perubahan persentase dalam tingkat harga
keseluruhan.
1. Suppose that people consume only three goods, as shown in

this table:
c. Jika Anda mengetahui bahwa ukuran sebotol Gatorade meningkat

dari 2011 hingga 2012, apakah informasi itu memengaruhi
perhitungan tingkat inflasi Anda? Jika ya, bagaimana caranya?
d. Jika Anda belajar bahwa Gatorade memperkenalkan rasa baru pada
tahun 2012, apakah informasi itu mempengaruhi perhitungan
tingkat inflasi Anda? Jika ya, bagaimana caranya?
1. When deciding how much of their income to save for

retirement, should workers consider the real or the nominal
interest rate that their savings will earn? Explain.
Ketika memutuskan berapa banyak dari pendapatan

mereka ditabung untuk pensiun, haruskah para pekerja
mempertimbangkan tingkat bunga riil atau nominal yang
akan dihasilkan oleh tabungan mereka? Jelaskan.
Tingkat bunga riil. Karena juga mempertimbangkan

tingkat inflasi yang ada di perekonomian.
1. Misalkan seorang peminjam dan pemberi pinjaman setuju pada
tingkat bunga nominal yang harus dibayarkan pada pinjaman.
Kemudian ternyata inflasi lebih tinggi dari perkiraan mereka.
a. Apakah tingkat bunga riil pada pinjaman ini lebih tinggi atau lebih
rendah dari yang diharapkan? Rendah. Karena tingkat inflasinya
tinggi.
b. Apakah pemberi pinjaman untung atau rugi dari adanya inflasi
tinggi yang tak terduga? Apakah peminjam untung atau rugi?
Peminjam untung. Pengembalian nya kecil karena suku bunganya
kecil.
Inflasi selama tahun 1970-an jauh lebih
tinggi dari yang diharapkan oleh
kebanyakan orang pada awal dekade.
Bagaimana kondisi ini mempengaruhi
pemilik rumah yang memperoleh hipotik
dengan suku bunga tetap selama tahun
1960-an? Bagaimana pengaruhnya
terhadap bank yang meminjamkan
uang? Rugi karena menerima tingkat
bunga yang lebih sedikit.

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Measuring

the Cost of Living 24

Inflasi: kenaikan harga barang secara keseluruhan.

Manakala IHK meningkat 

• Fix the Basket: Determine what prices are most

• Find the Prices: Find the prices of each of the

BPS melakukan survei harga sekeranjang barang yang telah

• Compute the Basket’s Cost: Use the data on

Menghitung biaya sekeranjang barang dengan data

• Choose a Base Year and Compute the Index :

Memilih tahun dasar dan menghitung indeks:

• Compute the inflation rate: The inflation rate

Menghitung tingkat inflasi: persentase perubahan harga

• The Inflation Rate

Bobotnya adalah nilai

• Calculating the Consumer Price Index and the

• The CPI is an accurate measure of the selected

• Introduction of New Goods

• Unmeasured Quality Changes

• The substitution bias, introduction of new goods, and

• Masalah ini penting karena banyak program pemerintah

• Indeks harga konsumen membandingkan harga sekeranjang

Indeks harga digunakan untuk mengoreksi efek

• Do the following to convert (inflate) Babe Ruth’s

• When some dollar amount is automatically

Ketika sejumlah dolar/rupiah secara otomatis dikoreksi

• Interest represents a payment in the future for a

• You borrowed $1,000 for one year.

Real interest rate = Nominal interest rate – Inflation

10 Nominal interest rate

Real interest rate

1. Which do you think has a greater effect on the consumer

Menurut Anda, mana yang lebih berpengaruh pada indeks

1. Describe the three problems that make the consumer price

Jelaskan tiga masalah yang membuat indeks harga

Jika harga kapal selam Angkatan Laut naik, apakah

1. Over a long period of time, the price of a candy bar rose

Selama periode waktu yang lama, harga permen meningkat dari

1. Suppose that people consume only three goods, as shown in

a. Berapa persentase perubahan harga masing-masing ketiga

1. Suppose that people consume only three goods, as shown in

c. Jika Anda mengetahui bahwa ukuran sebotol Gatorade meningkat

1. When deciding how much of their income to save for

Ketika memutuskan berapa banyak dari pendapatan

Tingkat bunga riil. Karena juga mempertimbangkan

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