Inflation: Difference between revisions
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==Measurement of inflation== | ==Measurement of inflation== | ||
The principal measure of inflation is usually taken to be the consumer [[price index]], which is an index of the price of a typical "basket" of goods, collected mainly by surveys of prices charged at retail outlets, and (usually) corrected for quality changes. The term "cost of living index" has often been applied to consumer price indexes, but has sometimes been more broadly interpreted to include the effects upon household welfare of such matters as changes in social security payments. | |||
==Causes of inflation== | ==Causes of inflation== | ||
Revision as of 02:49, 8 September 2008
Measurement of inflation
The principal measure of inflation is usually taken to be the consumer price index, which is an index of the price of a typical "basket" of goods, collected mainly by surveys of prices charged at retail outlets, and (usually) corrected for quality changes. The term "cost of living index" has often been applied to consumer price indexes, but has sometimes been more broadly interpreted to include the effects upon household welfare of such matters as changes in social security payments.