뒤로Problems with the Consumer Price Index (CPI) definitions
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1/14뒤로Skip to main content뒤로Consumer Price Index
A statistical measure tracking changes in the cost of a fixed basket of goods and services over time to estimate inflation. Inflation
A general increase in prices across an economy, reducing purchasing power and measured by changes in price indices. Fixed Basket
A predetermined set of goods and services used to monitor price changes and calculate cost-of-living adjustments. Substitution Bias
A distortion in inflation measurement caused when consumers switch to cheaper alternatives, making price increases appear smaller. New Goods Bias
A measurement error arising when expensive new products are added to the price index, potentially exaggerating inflation. Quality Bias
A misrepresentation in inflation data due to changes in product quality, which can either inflate or deflate price index readings. Store Brand
A lower-cost alternative to name brand products, often chosen by consumers during periods of rising prices. Name Brand
A recognized product with higher prices, often replaced by cheaper options during inflationary periods. Personal Computer
An example of a new product added to the price index basket, initially expensive and affecting inflation calculations. Fast Fashion
A trend in clothing characterized by lower prices and reduced quality, impacting price index measurements. Bureau of Economic Analysis
A government agency responsible for adjusting economic data to account for biases in price index calculations. Cell Phone Market
An industry where frequent product improvements and price changes illustrate quality bias in inflation measurement. Price Index
A statistical tool used to track changes in prices for a group of goods and services over time. Market Analysis
The process of interpreting economic data, including price indices, to understand trends and biases in consumer behavior.
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