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Food Price Index
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Concept
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: 2020 (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.
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