The annual price increase for consumer goods and services measured by the Bureau of Labor Statistics is referred called ________.
A)deflation
B)inflation
C)the consumer price index
D)the price calculator
E)goods and all of the above

Question

Quizplus · Accepted Answer

The consumer price index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. It is considered the most reliable measure of inflation for the United States economy. Deflation, on the other hand, refers to a decrease in the general price level of goods and services. The price calculator is not a recognized term for measuring inflation or deflation, and "goods and all of the above" is not a valid answer choice.

The Annual Price Increase for Consumer Goods and Services Measured