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24MeasuringtheCostofLiving
MeasuringtheCostofLivingLastchapter,welookedathoweconomistsuseGDPtomeasurethequantityofgoodsandservicesthattheeconomyisproducing.Thischapter,weexaminesthathoweconomistsmeasuretheoverallcostofliving.Consumerpriceindex—awayofturningdollarfiguresintomeaningfulmeasuresofpurchasingpower.
MeasuringtheCostofLivingInflationreferstoasituationinwhichtheeconomy’soverallpricelevelisrising.Theinflationrateisthepercentagechangeinthepricelevelfromthepreviousperiod.
ContentTheconsumerpriceindexhowtheconsumerpriceindexiscalculatedProblemsinmeasuringthecostoflivingTheGDPdeflatorversustheCPICorrecteconomicvariablesfortheeffectsofinflationDollarfiguresfromdifferenttimesIndexationRealandnominalinterestrates
THECONSUMERPRICEINDEXTheconsumerpriceindex(CPI)isameasureoftheoverallcostofthegoodsandservicesboughtbyatypicalconsumer.TheBureauofLaborStatisticsreportstheCPIeachmonth.Itisusedtomonitorchangesinthecostoflivingovertime.
HowtheConsumerPriceIndexIsCalculatedFixtheBasket:Determinewhatpricesaremostimportanttothetypicalconsumer.TheBureauofLaborStatistics(BLS)identifiesamarketbasketofgoodsandservicesthetypicalconsumerbuys.TheBLSconductsmonthlyconsumersurveystosettheweightsforthepricesofthosegoodsandservices.
HowtheConsumerPriceIndexIsCalculatedFindthePrices:Findthepricesofeachofthegoodsandservicesinthebasketforeachpointintime.
HowtheConsumerPriceIndexIsCalculatedComputetheBasket’sCost:Usethedataonpricestocalculatethecostofthebasketofgoodsandservicesatdifferenttimes.
HowtheConsumerPriceIndexIsCalculatedChooseaBaseYearandComputetheIndex:Designateoneyearasthebaseyear,makingitthebenchmarkagainstwhichotheryearsarecompared.Computetheindexbydi
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