Last but not least, the fifth session is concerned with the measurement of the material conditions of households. By including this session in the conference, the programme committee has proven to have the right instinct concerning topical issues: This October, the Royal Swedish Academy of Science decided to award the Nobel Prize in Economics to Angus Deaton.
The median inflation rate here is about 2½ per cent, which is down from about 6½ per cent in 1990. The twentieth percentile inflation rate in this simple unweighted distribution is about 1½ per cent – i.e. one country in five in this sample has inflation of 1½ per cent or lower.