Consumer Price Index (CPI)

The CPI is a metric created to monitor the weighted average of a collection of consumer goods and services, including expenses related to food, , medical care, transportation, and other aspects of living in a particular region. It is computed by combining the average prices of a predetermined basket of items and is widely utilized to identify periods of inflation or deflation, as well as evaluate the overall efficacy of a government’s economic strategies. The CPI encompasses statistical data that encompasses individuals across various employment statuses, such as those who are employed, self-employed, unemployed, retired, incarcerated, impoverished, and more.