What is Consumer Price Index (Simply Explained 2021)

So what exactly is the consumer price index?

Consumer Price Index, or CPI, is the most widely used measure to calculate inflation. In other words, it basically measures the average change in prices over time that consumers pay for goods and services. The U.S. Bureau of Labor Statistics reports the Consumer Price Index on a monthly basis and can be dated back to 1913. It all based on a "base CPI" of 100. In this video we give you a simple explanation of what CPI is, how it works, who uses CPI, how CPI is used, what people are covered by CPI, how do you calculate CPI, and the different types of CPI.

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Contents of the Video
00:00 - Intro
00:12 - What is the Consumer Price Index?
01:00 - How does the Consumer Price Index work?
01:41 - How is the Consumer Price Index used?
02:06 - Who and What are covered under CPI?
02:47 - How is CPI calculated?
03:21 - Different Types of CPI
04:03 - Outro

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Видео What is Consumer Price Index (Simply Explained 2021) канала Animated Finance