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Consumer Price Index
A measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food, and medical care, indicating the level of inflation.
Market Basket
A collection of goods and services used to monitor price changes for consumer expenditures, often used in calculating inflation indices.
Base Year
A specific year against which economic growth is measured, serving as a benchmark for real value comparisons over time.
Price Indexes
Price indexes are statistical measures that reflect the average change in prices over time of a basket of goods and services, used to gauge inflation or deflation in an economy.
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