Consumer Price Index
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5 Terms
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Market basket of…
211 goods/services.
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Weightings based on…
surveys of 14,000 households.
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EXAMPLE & Inflation Formula
VISUAL:
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Fix quantities at base periods; let prices vary.
FORMULA VISUAL:
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How is CPI different than the GDP Deflator?
base quantity varies.
— only has 211 goods/services.
— may include imports.
— excludes things consumers don’t buy directly.
available monthly.
base quantity matters.
only PI will overestimate actual inflation.
Note 
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