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Synopsis :

This edition of Economics Magazine focusses on how the consumer price index (CPI) is calculated and its relevance to society. The programme also looks at home economics as a means to prepare the young for life. CPI is a measure of the cost of living and the changes in it for a Singaporean whose expenditure level is between $100 to $999. A basket of goods that fits into the consumption pattern of people is first drawn up. These include items like food, clothing, housing and transport. Many items like income tax, CPF contributions and life insurance are excluded from the basket of goods.  Such payments are considered non-consumption expenditure and outside the CPI's scope. The measurement of the CPI is restricted to expenditure on consumption goods. It is a measure of prices of goods and changes in the price levels of items purchased. Sample surveys are conducted to get details of prices and price changes. Although the CPI attempts to measure the cost of living, it seldom does so in practice because of difficulties in quantifying the cost of living. The surveys provide an approximate idea of the cost of living. Also in the programme, the introduction of home economics in schools to prepare young people for life. Women today are career oriented and contribute to the running of the household. Basic training in home management is necessary. Since 1970, domestic science was renamed home economics and redefined as a science of creative decision making in the home, family and the environment. In addition to girls, boys are encouraged to study home economics and some schools are offering their male students home economics as a subject.