Consumer Price Index

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Consumer Price Index (CPI) is a measure of inflation calculated by U.S. government statisticians based on the price level from a basket of goods and services that represents the purchases of the average consumer.

Definition

According to Principles of Economics by Timothy Taylor (3rd edition),

Consumer Price Index (CPI). A measure of inflation calculated by U.S. government statisticians based on the price level from a basket of goods and services that represents the purchases of the average consumer.
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