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ECN 221 Ch 16

Measuring the Cost of Living

QuestionAnswer
consumer index price (CPI) a measure of the overall cost of the goods and services bought by a typical customer
CPI calculation CPI=price of goods and services/price of basket in base year*100
inflation rate the percentage change in the price index from the preceding period
producer price index a measure of the cost of a basket of goods and services bought by firms
indexation the automatic correction of a dollar amount for the effects of inflation by law or contract
nominal interest rate the interest rate as usually reported without a correction for the effects of inflation
real interest rate the interest rate corrected for the effects of inflation
Created by: 516311431
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