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Glossary - Definition of Term

Term
Consumer price index
Definition Consumer price index is used to indicate the change in prices against a reference period of a basket of goods and services purchased by households. Based on the purpose of the CPI, different basket of goods and services can be selected. For macroeconomic purposes, a broad based basket is used to represent the relative price movement of household final consumption expenditure.
 
It is acknowledged that this glossary uses descriptions of the OECD glossary of statistical terms, the Glossary of the System of National Accounts 1993 and the UN classifications registry.
 

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