The Consumer Price Index is used to determine the inflation rate that you will probably hear on the evening news. The monthly change in prices paid by American consumers is tracked by the Consumer Price Index (CPI). The Bureau of Labor Statistics (BLS) determines the CPI as a weighted average of prices for a range of goods and services that represents overall consumer spending in the United States.
The CPI is one of the most used measures of inflation and deflation.The producer price index (PPI), which tracks changes in the prices paid to US producers of goods and services, has a different survey methodology, pricing sample, and index weights than the CPI report.
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