consumer price index
US /ˌkɑːnˈsuː.mər ˌpraɪs ˈɪn.deks/
UK /ˌkɑːnˈsuː.mər ˌpraɪs ˈɪn.deks/
1.
a measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food, and medical care. It is calculated by taking price changes for each item in the predetermined basket of goods and averaging them.
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The government announced that the Consumer Price Index rose by 0.5% last month, indicating inflation.
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Economists closely monitor the Consumer Price Index to gauge the cost of living.
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