Consumer Price Index (CPI)
Consumer price index of economy, index
Consumer price index refers to an indicator of the change in consumer prices. It measures price change by comparing through time the cost of a fixed-basket of consumer goods and services. Since the basket contains products of unchanging or equivalent quantity and quality, the index reflects only pure price change.
Economy refers to the entire set of resident institutional units. It is divided into sectors that consists of groups of resident institutional units. An institutional unit is resident in a country when it has a centre of economic interest in the economic territory of that country. It is said to have a centre of economic interest when there exists some location - dwelling, place of production or other premises - within the economic territory on, or from, which it engages, and intends to continue to engage, in economic activities and transactions on a significant scale either indefinitely or over a finite period of time.
The data for this variable are reported using the following measurements:
- Index using the value of a base year made equal to 100