面對近年各類物價的高漲，受雇者的經常性實質薪資卻幾乎沒有成長的情況，為了解消費者在面對如此總體環境下的感受，本研究藉由觀察消費者物價指數與消費者信心指數的變動情形，探討消費者物價指數與消費者信心指數之間的關聯性，並運用共整合檢定、向量誤差修正模型、Granger因果關係檢定、衝擊反應分析和預測誤差變異數分解法做為研究方法，實證的研究期間為2001年1月至2013年4月，共計148筆月資料。
經由實證結果可以得知，消費者信心與消費者物價指數存在長期均衡關係，藉由向量誤差修正模型更可以明確地發現消費者物價總指數對消費者信心有顯著的負向影響，兩指數間也擁有特定的單向因果關係，受到衝擊時，在第六期後會漸趨平緩，並且被消費者信心自身及其構成項目解釋的能力高達八成，而被消費者物價總指數和消費者物價指數構成項目解釋的能力為兩成，可見消費者物價對消費者信心指數具有一定的影響力，並與其構成項目具有密切的關聯性。

In the past years, the prices of commodities have risen fast but regularly-employed real wage was almost unchanged. The purpose is to estimate the consumers’ responses in such an environment. This study focuses on changes in the consumer price index and consumer confidence to find the relation between them. Data analysis are conducted through the Unit Root Test, Cointegration Test, Vector Error Correction Model, Granger Causality Test, Impulse-response Analysis and Forecast Error Variance Decomposition on the samples. The historical data period is ranged from January 2001 to April 2013. Totally, there are 148 effective samples are collected.
As a result, the empirical findings indicate that there are long-term relationship between the consumer price and consumer confidence. From the Vector Error Correction Model, consumer price has a negative impact on consumer confidence. There is a specific one way causal relationship between them. When the variables are under attack, they would be weakened after the sixth point of period. Consumer confidence index could be explained 80% by themselves and could be explained 20% by consumer price index. Therefore, there is a close connection between consumer price and consumer confidence. There also exists an influence with the constituencies.

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