Vice Premier Eric Liluan Chu instructed economic planners Wednesday to work out a 'living price index' within a month to provide the government with figures that reflect people's feelings about commodity price fluctuations. The index will be published on a regular basis to serve as a reference for administrative policies, Chu told reporters during an inspection visit to the Council for Economic Planning and Development (CEPD). Chu said the government should talk about economic performance 'in a way that most people can understand.' Taking the consumer price index (CPI) as an example, he went on, the CPI grew 3.53 percent in 2008 and for 2009 is predicted to decline 0.68 percent. Despite the forecasted price drop, 'it is not necessary that the people will feel it,' said Chu, who has a Ph.D. in accounting. He suggested forming a price index that targets consumer goods and the prices that are close to people's lives. In response to questions as to how such an index could be set up, CEPD officials said one way might involve redrawing the existing CPI survey data, but using a method that would place a higher value on people's feelings. The officials said, however, that they will need to work with the Directorate General of Budget, Accounting and Statistics on the project before a plan can be formulated. 