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What is consumer price index?

What is consumer price index? Here are some definitions.

Noun
  1. (economics) A statistical estimate of the level of prices of goods and services bought for consumption purposes by households.
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Index the 60 per cent of median income to the consumer price index, and by 2001, only 2 per cent of people fell below the line.
It also announced a new mechanism that appeared to link the licence fee to the consumer price index.
By contrast, salary increases for the same period in 2001 increased by 2.4 per cent against the consumer price index.
In the present U.S. system, benefits after retirement are indexed to the consumer price index.
A better bet is to predict the price deflator using the consumer price index for non-durable goods.
In recent years, software publishers have hit consumers with a double whammy that very likely escapes the consumer price index.

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