U.S. Bureau of Labor Statistics
Consumer Price Index
Index 1982-1984=100, Seasonally Adjusted
The consumer price index is an index of the variation in prices paid by typical consumers for all items. This describes the overall economic situation, and supply and demand of all goods in the US.
The data shows autocorrection and a non-normal distribution. The data should be differenced. While the Order Norm transformation, provides the best normality, the Yeo Johnson variable will also perform well.
Data is unable to be distributed by time or geography. The roll up method used is Weighted Average.
CPI (Urban): All Items
Auto Correction Function
Auto Correlation Function After Differencing
Partial Auto Correlation Function
Seasonal and Trend Decompostion
Data shows autocorrectation indicating a need for differencing
The ACF indicates 1 order differencing is appropriate.
Following first order differencing, no further differencing is required based on the differenced ACF at lag one of -0.20
The Kwiatkowski-Phillips-Schmidt-Shin (KPSS) test, KPSS Trend = 0.37 p-value = 0.01 indicates that the data is not stationary.
The Shapiro-Wilk test returned W = 0.94 with a p-value =0.00 indicating the data does not follow a normal distribution.
A skewness score of 0.45 indicates the data are fairly symmetrical.
Hartigan's dip test score of 0.03 with a p-value of 0.35 inidcates the data is unimodal
Statistics (Pearson P/ df, lower => more normal)
U.S. Bureau of Labor Statistics, Consumer Price Index for All Urban Consumers: All Items in U.S. City Average [CPIAUCSL], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/CPIAUCSL, December 13, 2019.