consumer price index definition

  • noun:
    • An index of prices accustomed gauge the change in the price of fundamental goods and services in comparison to a fixed base period. Also referred to as cost-of-living index.
    • A statistical estimation associated with the standard of rates of products and solutions bought for consumption functions by homes.
    • An index of price of all products or services to a typical consumer, computed and published because of the United States Bureau of Labor Statistics; abbreviated CPI, and often known by that acronym. The Bureau keeps a few indices for various groups of consumers, however the most frequently described may be the index for “All metropolitan consumers”, called the CPI-U. The rise with this price every year is just one measure of monetary rising prices.
    • an index of the price of all products or services to a typical consumer

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