Question
Evaluate the correctness of these statements about the
Consumer Price Index (CPI): (I) CPI measures changes in the price level of a representative basket of consumer goods and services. (II) It includes both goods and services such as food, clothing, medical care, and housing. (III) CPI serves as an economic indicator to monitor inflation rates.Solution
All statements are correct. The CPI is a broad measure that tracks the average price changes over time of a basket comprising various goods and services, which is used as a key indicator for inflation.
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