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What is the CPI, pros and cons of using it

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What is the consumer price index (CPI)? How is it measured? What are the pros and cons of using the CPI as a measure of the cost of living? Use examples in your response.

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The CPI measures the prices of a representative (fixed) basket of goods and services purchased by consumers. The CPI is the Consumer Price Index and so it tries to reflect the inflation faced by a typical consumer. A fixed basket of goods does not take into ...

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What is the consumer price index (CPI)? How is it measured? What are the pros and cons of using the CPI as a measure of the cost of living? Use examples in your response.

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