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Market Basket
A fixed list of items, used to track the progress of inflation in an economy or to compare costs of living.
CPI
Refers to the Consumer Price Index, a metric that calculates the weighted average price of a selection of consumer items and services including food, medical care, and transportation.
Rate of Inflation
The inflation of general prices for goods and services in an economy over a particular period of time.
CPI
A measurement known as the Consumer Price Index tracks the change in average costs for a variety of consumer goods and services, including but not limited to transportation, medical care, and food, through a weighted average formula.
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