The consumer price index measures the cost of the consumption of a family of four living below the poverty line.

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 goods and services. It is not limited to measuring the cost of consumption for a family of four living below the poverty line. Instead, it takes into account the spending patterns of all urban consumers, including those with higher incomes.

The Consumer Price Index Measures the Cost of the Consumption