Using four or more sentences, explain the purpose of the consumer price index (CPI).

The Consumer Price Index is to determine the average cost shift across the time payable by the client for the collection of the products and the services.
Consumer price index is used for the indicator and the inflation as well as the implication, of the financial policy of the Country.
The main objective of consumer price index is to determining the urban salaried employees as well as the admin staff.

yu10nishinoya yu10nishinoya · Answer 2 · 2021-03-26T20:36:54+01:00

Answer:

I did the practice, so here's the sample response.

Explanation:

Inflation is often reported as a percent change in a price index. The price index is a measurement that shows how the average price of a group of goods changes over time. The most commonly reported price index in the consumer price index (CPI). The Bureau of Labor Statistics (BLS) constructs a “market basket” of goods and services. This contains thousands of specific items that represent what average urban households purchase. Each month, BLS data collectors update the prices of items in the basket and calculate its current total cost. This gathering of data month after month about a consistent group of goods and services makes it possible to see how prices are changing over time.