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Food Price Index: June 2015
Embargoed until 10:45am  –  13 July 2015
Definitions

About the food price index

The food price index (FPI) measures the rate of price change of a fixed basket of food goods and services purchased by households. The FPI aims to measure price changes of the same items (brand and relevant details) at each outlet over time. When there is a change in the size or quality of any of the goods or services in the basket, we make an adjustment to ensure the price change shown in the FPI is not affected by the change in size or quality.

See Food price index review: 2014 (table 4) for a list of the representative food items monitored in the FPI.

Food prices are also included in the consumers price index (CPI). The food group is the only group of the CPI for which an index is prepared each month. The all groups CPI is prepared quarterly.

Food prices in the consumers price index and food price index explains the sources and methods used to compile food prices.

More definitions

A price index measures the change in price between time periods for a given set of goods and services. It summarises a set of prices, collected from many outlets, for this set of goods and services.

Grocery food specials: For items that are 'on special' or come 'off special', we use the price at the time of collection. We often give an analysis of these items for the subgroups meat, poultry, and fish; grocery food; and non-alcoholic beverages in the 'Commentary' and ‘Data quality’ sections of this release. To be included in this analysis, the item will have been on special last month, this month, or in both months.

Upward/downward contributions: Items mentioned in this release are usually those that made a large contribution to the overall movement in the FPI. An item's contribution is a combination of its weight in the index (ie its relative importance, based on its share of household spending on food) and the magnitude of price movement. For example, for two items recording the same percentage rise in price, the item with the larger weight in the FPI will have a larger contribution to the overall movement. This contribution is also referred to as points (or index points) contribution.

Seasonally adjusted series: Seasonal adjustment aims to eliminate the impact of regular seasonal events (such as annual cycles in fruit and vegetable production, winter or pre-Christmas shopping) on time series. Seasonal patterns obscure the underlying behaviour of the series. For more detail on the seasonally adjusted series, see the Excel tables in the 'Downloads' box. You can also extract the seasonally adjusted series from Infoshare.

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