CPI
Consumer Price Index (CPI) is an economic indicator that measures the average price of a basket of goods and services purchased by consumers. It is used to measure inflation and changes in purchasing trends. CPI is calculated by taking the weighted average of prices of a basket of consumer goods and services, such as transportation, food and medical care. It is calculated by comparing the cost of the basket of goods and services in different periods.
History of CPI
The concept of CPI was first developed in the early 20th century by the British economist William Phillips. He proposed the idea of a price index to measure the cost of living. The first official CPI was published in 1947 by the United States Bureau of Labor Statistics. Since then, CPI has been used as an important economic indicator to measure inflation and changes in purchasing trends.
Comparison of CPI
| Year | CPI |
|---|---|
| 2020 | 252.9 |
| 2019 | 250.1 |
| 2018 | 247.6 |
| 2017 | 244.7 |
| 2016 | 240.0 |
Summary
CPI is an important economic indicator that measures the average price of a basket of goods and services purchased by consumers. It is used to measure inflation and changes in purchasing trends. The concept of CPI was first developed in the early 20th century by the British economist William Phillips. For more information about CPI, you can visit websites such as the US Bureau of Labor Statistics, the World Bank, and the International Monetary Fund.
See Also
- Inflation
- GDP
- Interest Rates
- Unemployment Rate
- Exchange Rates
- Consumer Confidence Index
- Producer Price Index
- Housing Price Index
- Retail Price Index
- Gross Domestic Product Deflator
