What is ‘ACCRA cost of living Index – coli’
The ACCRA cost of living Index represents the dataset containing the key the cost of living prepared by the Council for community and economic research. Economists can use the index to make an apples to apples comparison of the cost of living between two different cities in the United States.
Breaking down the ‘ACCRA cost of living Index – coli’
The ACCRA cost of living Index is a quarterly publication put out by the American Association of researchers and industry chamber and the Council chamber communities and economic studies. The index uses a set of common categories, calculated on the basis of consumer expenditure on food, housing, utilities, transportation, health care and collection of a variety of goods and services that do not fit under other categories. The composite index weight costs based on the cost structures identified in families from the middle management income, measured in government surveys.
There is a comparison of the price data in the index more than 300 cities in the U.S., summarized the County and Metropolitan statistical area.
With a stick
The index is published at an average cost of each product in the category and extrapolate the anticipated costs of different types of families in a certain region based on deviations from the national baseline level in all categories. For example, the index looks at a variety of basic food products for the formation of total expenditures into categories, including goods such as beef, eggs, bananas, coffee, and Kleenex. The average rent for apartments and the average price of selling a home give the cost of housing. This approach to categories has led to a national average of $5,976 per month in 2017 for the husband and wife, have children under the age of six.
Job seekers and the HR Department can use the ACCRA cost of living Index to compare salaries and requirements to the level of wages in different parts of the country, looking at the deviation from average in this region. Rent averaged $1,037 per month on a national level in 2017, according to the index, significantly lower than the rent you pay in Manhattan or other major coastal cities. Employers can use these sticks to ensure their pay remains low, with wages in other areas or to ensure that applicants consider the motion to determine how much their earnings will go.
Sticks and CPI
The ACCRA cost of living Index provides a point for comparison between two geographic areas at one point in time. It has a low statistical value from the point of view of tracking prices over time, or graphs inflation, however. For those interested in the measurement of inflation, the Bureau of statistics of labor publishes the consumer price Index, which uses a similar approach to track changes in the cost of living over time.