Table of Contents
What are Important Index Numbers
The most important index numbers are the Consumer Price Index (CPI), the Producer Price Index (PPI), and the Employment Cost Index (ECI).
What is Consumer Price Index Number@@Consumer Price Index Number for Industrial Workers@@The Different Uses of Consumer Price Index Number:@@Consumer Price Index Number in Statistics@@Important Index Numbers@@Did You Know?@@
The Consumer Price Index (CPI) measures the average change over time in the prices paid by urban consumers for a fixed market basket of goods and services. The CPI is calculated by the U.S. Bureau of Labor Statistics, which surveys thousands of retail, service, and farm establishments across the country.
The CPI is used in a variety of ways:
As a measure of price inflation: The CPI is the most commonly used measure of inflation. It is used to adjust wages, Social Security benefits, and other government payments.
As a deflator of economic indicators: The CPI is used to adjust other economic indicators, such as GDP and the Producer Price Index, to remove the effects of inflation.
As a benchmark for pricing contracts: The CPI is used as a benchmark for pricing contracts, including rents, leases, and insurance premiums.
As a guide for adjusting financial instruments: The CPI is used to adjust the value of financial instruments, such as mortgages, bonds, and loans.
As a basis for economic research: The CPI is used as a basis for economic research on topics such as inflation, price determination, and consumer behavior.
What is Wholesale Price Index
Wholesale Price Index (WPI) measures the average change in prices of goods sold by Indian merchants to retailers. It is also called as Producer Price Index (PPI). WPI is released by the Ministry of Commerce and Industry, India.
What is Consumer Price Index
(CPI)?
The CPI is a measure of the average change over time in the prices paid by urban consumers for a fixed market basket of goods and services.
What is Consumer Price Index Number for Industrial Workers
?
The Consumer Price Index Number for Industrial Workers is a measure of the average change over time in prices paid by urban wage earners and clerical workers for a fixed market basket of goods and services.
What are The Different Uses of Consumer Price Index Number:
There are many different uses of CPI number. Some of the most common are:
1. To measure inflation and changes in the cost of living over time.
2. To adjust wages, prices, and other economic indicators to account for inflation.
3. To set monetary policy.
4. To help forecast future inflation.
What is Consumer Price Index Number in Statistics
?
The CPI number is the measure of the average change over time in the prices paid by urban consumers for a fixed market basket of goods and services.
