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The Consumer Price Index was initiated during World War I, when rapid increases in prices, particularly in shipbuilding centers, made an index essential for calculating cost-of-living adjustments in wages. To provide appropriate weighting patterns for the index, it reflected the relative importance of goods and services purchased in 92 ...
A CPI is a statistical estimate constructed using the prices of a sample of representative items whose prices are collected periodically. Sub-indices and sub-sub-indices can be computed for different categories and sub-categories of goods and services, which are combined to produce the overall index with weights reflecting their shares in the total of the consumer expenditures covered by the ...
In statistics relating to national economies, the indexation of contracts also called "index linking" and "contract escalation" is a procedure when a contract includes a periodic adjustment to the prices paid for the contract provisions based on the level of a nominated price index. The purpose of indexation is to readjust contracts to account ...
Consumer Price Index for Americans 62 years of age and older (R-CPI-E): This index re-weights prices from the CPI-U data to track spending for households with at least one consumer age 62 or older.
With the latest data in the Consumer Price Index, released by the U.S. Bureau of Labor Statistics on Tuesday, Dec. 13, groceries went up by 0.5% as of November.
The CPI is used to calculate Social Security cost-of-living adjustment (COLA) increases. The Social Security Administration will announce the COLA increase for 2023 on Thursday, October 13, 2022.
It is also the price index which is available on a weekly basis with the shortest possible time lag only two weeks. [17] Base year to calculate WPI is 2011-2012=100 Consumer Price Index (CPI) in India comprises multiple series classified based on different economic groups.
Inflation was still red hot in August, despite a sharp drop in gas prices. The Bureau of Labor Statistics (BLS) released its Consumer Price Index (CPI) on Sept. 13 and the all-items index for the ...