The measure of the cost of a standard basket of goods and services in any period,relative to the cost of the same basket of goods and services in the base year,is called the

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The measure described is commonly known as the Consumer Price Index (CPI), which compares the cost of a standard basket of goods and services in a given period to the cost of the same basket of goods and services in a base year. The CPI is widely used as a cost-of-living indicator and to track inflation. Option A is a synonym of CPI. Option B and D are incorrect terms. Option E is an inappropriate term as it does not represent the calculation of inflation.

The Measure of the Cost of a Standard Basket of Goods