Published price indexes are nearly always constructed from
individual prices collected by somesampling framework, were the
samples are chosen, in part, to minimize the time and
expenseinvolved in collecting the prices. In particular, the time
spent by reporting firms or consumers isquite rightly treated as
precious. It is inevitable that questionnaires sent out in repeated
monthswill sometimes not be returned. For example, about
one-quarter of the individual items trackedunder the International
Price Program (IPP) of the Bureau of Labor Statistics (BLS) do not
report a price in any given month, though of these, about 60%
eventually supply a price quote for thatmonth or a later month.
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