Vísitöluafurðir

Vísitöluafurðir are the goods and services that make up the basket used to construct an index number (vísitölu) for economic indicators such as prices or output. The term combines vísitala, meaning index or indicator, with afurður, meaning product or output, and refers to the items whose prices or quantities are observed to measure changes over time.

These items form the basis for calculating price indices (for example consumer price indices) or production and output indices. Vísitöluafurðir are selected to be broadly representative of typical household expenditure or industry activity, and they are organized to reflect the structure of the economy. The selection process aims for coverage across major categories and geographic regions, with regular reviews to maintain relevance.

Construction and handling of the basket involve assigning weights to reflect relative importance, updating base years, and applying methodological rules such as quality adjustments and, when appropriate, substitution handling. Items may be added or removed as consumption patterns or production practices change. Data on the prices or quantities of these items are collected systematically, often by a national statistical office, and used to compute index values, track inflation, or analyze real changes in economic activity.

In Iceland, statistics agencies publish details of vísitöluafurðir used for various indices, including the consumer price index and producer price indices. The concept is common in statistical practice internationally, with the exact list of items varying by country and index family.

See also: vísitala, verðbólga, kaupmáttur, verðvísitala, CPI, PPI.