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Consumer price index

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Definition Edit

The consumer price index measures a price change for a constant market basket of goods and services from one period to the next within the same city (or in the Nation).[1]

Overview Edit

Measures for two population groups are currently published, CPI-U and CPI-W. CPI-U is based on a market basket determined by expenditure patterns of all urban households, while the market basket for CPI-W is determined by expenditure patterns of only urban wage-earner and clerical-worker families. The urban wage-earner and clerical-worker population consists of clerical workers, sales workers, craft workers, operatives, service workers, and laborers. Both indexes are published monthly by the Bureau of Labor Statistics. The CPI is used to adjust for inflation, the income payments of Social Security beneficiaries, and payments made by other programs. In addition, the CPI is used to adjust certain amounts defined by the tax code, such as personal exemptions and the tax brackets.[2]

References Edit

  1. U.S. Bureau of Labor Statistics, Glossary (full-text).
  2. A Glossary of Terms Used in the Federal Budget Process, at 35.

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