摘要：The Consumer Price Index (CPI) is used as a basic measure of inflation. In practice, the Laspeyres price index is used to measure the CPI, although this formula does not take into account changes in the structure of consumption. The difference between the Laspeyres index and the superlative index should approximate the value of the commodity substitution bias. The Lloyd–Moulton price index does not make use of currentperiod expenditure data and, as it is commonly known, it allows to approximate superlative indices, in particular the Fisher price index (Von der Lippe, 2007). This is a very important property for the inflation measurement and the Consumer Price Index bias calculations. In this paper we verify the utility of the Lloyd–Moulton price index as the Fisher price index approximation. We propose a simple modification of that index and verify this modification for the real data set
关键词：Price indices; Fisher index; Lloyd–Moulton index; Consumer Price Index
