Governments use CPI data to adjust tax brackets and social security benefits, while businesses rely on it for wage negotiations and pricing strategies. For individuals, it's a vital tool for understanding how inflation is affecting their personal budget.The Consumer Price Index, or CPI, measures the average change over time in the prices paid by consumers for a representative basket of goods and services. It's used as a key indicator of inflation, helping to track changes in the cost of living and the purchasing power of a currency.
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