Price indices
Key Questions
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The consumer price index (CPI) is data on change in the price consumers (individuals like you or me) pay for a selection of goods and services.
CPI is based on a statistical estimate, meaning some agency (for example, the government) will look at a certain sample of goods and services and produce a number that should be representative of the price of most goods and services in the economy.
The CPI is a good measure of inflation.
Kuba Dolecki
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3
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Dec 16 2014