Routledge Dictionary of Economics, Second Edition
consumer price index (E3)
US price index which shows the average change in the prices of a representative basket of goods and services purchased for daily living by US households. Data are collected on the prices of food, clothing, housing, fuels and services, etc., from eighty-five areas.
Market prices, including indirect taxes, are used and each item is weighted according to its importance in consumers’ budgets. The US Bureau of Labor Statistics began the compilation of this index in 1919. Two versions of it are published: the CPI-U and the CPI-W.
See also: Consumer Expenditure Survey; retail price index
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