The three main reasons why the CPI is hard to measure accurately include the following below:
- New ways for consumers to buy them.
- Inflation and taxes.
What is CPI?
This is referred to as consumer price index and helps to measure the change in consumer prices from a weighted average market basket of consumer goods and services.It is also used in determining the prices as a result of different factors such as inflation being taken into consideration.
CPI is however difficult to measure accurately as a result of the constant new product formation and the different ways and manner in which the consumers use the product at that point in time.
The aforementioned are therefore the reasons why they were chosen as the most appropriate choice.
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