Inflation cost living
Measuring the Cost of Living
Inflation and the Cost of Living Measuring the Cost of Living
- Inflation refers to a situation in which the economy’s overall price level is rising.
- The inflation rate is the percentage change in the price level from the previous period.
- The consumer price index(CPI) is a measure of the overall cost of the goods and services bought by a typical consumer.
- The Bureau of Labor Statistics(or General Statistics Office in VN) reports the CPI each month.
- It is used to monitor changes in the cost of living over time.
- When the CPI rises, the typical family has to spend more dollars to maintain the same standard of living.
How the Consumer Price Index Is Calculated
Fix the Basket: Determine what prices are most important to the typical consumer.
a*(hs)+b*(hs)hs uThe Bureau of Labor Statistics (BLS) identifies a market basket of goods and services the typical consumer buys. uThe BLS conducts monthly consumer surveys to set the weights for the prices of those goods and services.
inflation cost living
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