Should more attention be paid to house prices?
CNB experience offers insights into use of larger weights for housing in monetary and macro-pru policy
The Czech Republic is one of the few countries where headline consumer price index (CPI) inflation directly includes house prices. Such inclusion, however, is mostly symbolic, because house prices account for just 16% of the CPI’s owner-occupied-housing component, which in turn represents only 9% of the CPI. This approach gives house prices a 1.4% weight in headline inflation. Moreover, the data on house prices merely covers purchases of dwellings that are new to the household sector, so all
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