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How to Measure Changes in the Cost of Living

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By the end of this section, you will be able to:

  • Use the Consumer Price Index (CPI) to calculate U.S. inflation rates
  • Identify several ways the Bureau of Labor Statistics avoids biases in the Consumer Price Index (CPI)
  • Differentiate among the Consumer Price Index (CPI), the Producer Price Index (PPI), the International Price Index, the Employment Cost Index, and the GDP deflator.