ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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-2: -Consumer Price Index is another price index that calculates price changes of goods and services that a consumer has to pay for consuming a basket of goods.

Detailed explanation-3: -The International Price Program (IPP) produces the U.S. Import and Export Price Indexes (MXP), which measure the changes in the prices of goods and services imported into and exported from the United States.

Detailed explanation-4: -The consumer price index (CPI) is a means to measure the weighted average cost of consumer bags of goods and services such as food, medical care, and transportation. It is evaluated by taking a cost change of each product in the prearranged bags of goods and averaging them.