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How do use consumer price index to measure cost of living

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Reference no: EM131709475

The consumer price index (CPI) is used to calculate the rate of inflation, and hence it measures the cost of living in an economy.

How do we use consumer price index (CPI) to measure the cost of living? What is the relationship between CPI and the rate of inflation?

What is the importance of measuring price fluctuations? How does the change in average price help explain the difference between nominal and real interest rates?

Reference no: EM131709475

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