The Consumer Price Index and the Estimation of Real Gross Domestic Product Growth : A Note

This working paper considers the case for the use of the Consumer Price Index as a measure of inflation, and its use in calculating real Gross World Product (GWP). The discussion accords particular attention to the way in which the computation of GWP in CPI-adjusted dollars over time more fully registers fluctuations in commodity prices and currency values, and their impact on the picture of the overall global economy, as compared with the conventional use of chained-dollar-based deflators to adjust a time series of current dollar figures