A Recent Monthly Press Release on the Consumer Price Index

question 17

Multiple Choice

A recent monthly press release on the Consumer Price Index says: "The Consumer Price Index for All Urban Consumers (CPI-U) dropped 0.1 percent in August, before seasonal adjustment, to a level of 218.8 (1982-84 = 100) , the Bureau of Labor Statistics of the U.S. Department of Labor reported today."
What does "1982-84 = 100" mean here?

• A) The CPI did not exist before 1982.
• B) The CPI increased by 100 between 1982 and 1984.
• C) The CPI measures prices relative to what they were in the years 1982 to 1984.
• D) To find the CPI, start with 1982-84 prices and add 100.

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