Respuesta :
The consumer price index is the measure of average change in price or to find inflation rate.
What is consumer price index ?
The Consumer Price Index (CPI) is a measure of the average change overtime in the prices paid by urban consumers for a market basket of consumer goods and services.
CPI is used to find the inflation rate.
Formula of Consumer Price Index (CPI)
CPI = [tex]\frac{C_{t} }{C_{0}} * 100[/tex]
where ,
[tex]C_{t}[/tex] = Cost of market basket in current period
[tex]C_{0}[/tex] = Cost of market basket in base period
According to the question
The consumer price index is
according to the definition of consumer price index
The Consumer Price Index (CPI) is a measure of the average change overtime in the prices paid by urban consumers for a market basket of consumer goods and services.
Hence, the consumer price index is the measure of average change in price or to find inflation rate.
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