ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -CPI price data are collected via two surveys: one survey collects prices for commodities and services and the other survey collects prices for rent. The CPI survey collects about 94, 000 prices per month to compute indexes for commodities and services.

Detailed explanation-2: -BLS has classified all expenditure items into more than 200 categories, arranged into eight major groups (food and beverages, housing, apparel, transportation, medical care, recreation, education and communication, and other goods and services).

Detailed explanation-3: -The Consumer Price Index (CPI) consists of a family of indexes that measure price change experienced by urban consumers. Specifically, the CPI measures the average change in price over time of a market basket of consumer goods and services. The market basket includes everything from food items to automobiles to rent.

Detailed explanation-4: -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.