ECONOMICS

Detailed explanation-1: -The Consumer Price Index (CPI) is a measure of the aggregate price level in an economy. The CPI consists of a bundle of commonly purchased goods and services. The CPI measures the changes in the purchasing power of a country’s currency, and the price level of a basket of goods and services.

Detailed explanation-2: -CPI is one of the measures of inflation and purchasing power. It calculates the change in the weighted average of prices of consumer goods and services, and in particular, transportation, food, and medical care, at a given time. CPI can point to changes in the cost of living as well as deflation.

Detailed explanation-3: -The Consumer Price Index (CPI) is a measure of the average change overtime in the prices paid by urban consumers for a market basket of consumer goods and services.

Detailed explanation-4: -The consumer price index gives economists a way of turning dollar figures into meaningful measures of purchasing power.

Detailed explanation-5: -The most well-known indicator of inflation is the Consumer Price Index (CPI), which measures the percentage change in the price of a basket of goods and services consumed by households.