The cost of a consumer basket is $234 in 2012, $240 in 2013, and $245 in 2014.If the base year (=100) is 2013, what is the value of your CPI in 2012?
Question
Solution 1
The Consumer Price Index (CPI) is a measure that examines the weighted average of prices of a basket of consumer goods and services. It is calculated by taking price changes for each item in the predetermined basket of goods and averaging them.
Here are the steps to calculate the CPI for 2012:
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