Assume the market basket for the consumer price index has two products meat and potatoes, the Consumer Price Index for 2016 equals option c. 129.
What is meant by the term of consumer Price Index?
The consumer price index (CPI) is known to be a term that connote the instrument that is often used in the measurement of inflation.
It is said to be one that is often used so that one can be able to estimate the average variation that tend to exist between two given periods in the prices of products which are known to be consumed by households.
Therefore, based on the image attached, Assume the market basket for the consumer price index has two products meat and potatoes, the Consumer Price Index for 2016 equals option c. 129.
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