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The consumer Price Index measures the average prices change experienced by urban consumers for consumer goods and services.
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CPI is one of the most widely used measures of inflation developed by the Bureau of Labor Statistics (BLS).
Inflation is the rate at which the prices of goods and products rise over a particular time period. The concept is typically a broad measure and includes an overall upsurge in the price or increase in the cost of living of a particular nation. The rise in product prices simply erodes the purchasing power of businesses and consumers. CPI is one of the widely used tools for measuring inflation, sometimes considered an indicator of the government’s economic policy.
To understand how CPI helps in measuring the inflation rate one needs to know the concept in detail.
The Basics of CPI
Consumer Price Index (CPI) was introduced by BLS in 1919 with an initiative of consumer price indexes for 32 cities. The reg
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