Which of the following best describes what the consumer price index is used to indicate?
A) The average wage rate for a given region
B) The economic performance of key consumer product companies
C) The changes in the cost of consumer products over time
D) The percentage of consumers in the total population looking for work
E) The number of price increases within a given period of time

Question

Quizplus · Accepted Answer

The consumer price index (CPI) is used to indicate changes in the cost of consumer products over time. It measures the average change in prices over time for a basket of goods and services commonly consumed by households. It is a commonly used measure for inflation.

Which of the Following Best Describes What the Consumer Price