What is the Consumer Price Index?
An example of an AI chatbot conversation about the Consumer Price Index and its significance.
What is the Consumer Price Index?
The Consumer Price Index (CPI) measures the average change over time in the prices paid by consumers for goods and services.
Why is the CPI important?
The CPI is important because it helps gauge inflation, influences monetary policy, and affects cost-of-living adjustments.
How is the CPI calculated?
The CPI is calculated by collecting price data for a basket of goods and services, then comparing it to a base year.
What are some limitations of the CPI?
Some limitations include that it may not reflect changes in consumer behavior and doesn't account for quality improvements.
Can you explain how CPI affects my daily life?
CPI affects your daily life by influencing prices of goods, wages, and interest rates, impacting your purchasing power.
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