Consumer price index = (Price of basket of goods and services in current year / Price of basket in base year ) x 100

Name: Consumer price index = (Price of basket of goods and services in current year / Price of basket in base year ) x 100
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Question

Quizplus · Accepted Answer

The Consumer Price Index (CPI) is calculated by taking the price of a basket of goods and services in the current year, dividing it by the price of the same basket in the base year, and then multiplying by 100 to convert it into an index.

Consumer Price Index = (Price of Basket of Goods and Services