The Consumer Price Index (CPI)is an index of the cost of a market basket of goods purchased by a typical household.

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The statement is true. The CPI is a measure of inflation that calculates the change in prices for a variety of goods and services purchased by households, such as food, housing, apparel, transportation, and medical care. The index gives an idea of how much prices are increasing or decreasing over time and is used to adjust wages, pensions, and other payments for inflation.

The Consumer Price Index (CPI)is an Index of the Cost