The consumer price index
The consumer price indexThe Consumer Price Index (CPI) is the measure of the average change over time in the prices paid by urban consumers for a fixed market basket of consumer goods and services. The CPI provides a way for consumers to compare what a market basket of goods and services cost this month with what the same market basket cost a month or year ago. The CPI affects all Americans because of the way it is used. The three major uses are as a economic indicator, as a deflator of other economic series, and as a means of adjusting dollar values. The CPI reflects the spending patterns for each of the two population groups: All Urban Consumers (CPI-U) and Urban Wage Earners and Clerical Workers (CPI-W). The CPI represents all the goods and services purchased for consumption by urban households. The categories are such areas, food and beverage, housing, apparel and its upkeep, transportation, medical care, recreation, education and communication, and other goods and services.
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