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LC Economics

Inflation

TermDefinition
Consumer Price Index Is an index drawn up by the Central Statistics Office (CSO) to measure the changes in the general level of prices over a period of time.
Price Index Measures the changes in prices over a period of time.
Simple Price Index Measures the change in price of one good only.
Composite Price Index Measures the change in price of a number of goods together.
Inflation A steady and persistent increase in the general level of prices. Inflation leads to an increase in the cost of living.
Deflation This is a decline in the general level prices.
Harmonised Index of Consumer Prices (HICP) Is the measure of price changes calculated by each member state of the European Union (EU). The index is based on a harmonisation and standardisation of practices within the EU.
Real Wages Look at the purchasing power of your wages when you take inflation into account.
Economic Indicator Is any statistic which reflects the performance of the economy.
Constant Tax Price Index(CTPI) Is one that omits price increases due to increases in direct taxes when compiling the CPI.
Demand-Pull Inflation Occurs when aggregate demand in the economy exceeds supply resulting in an increase in the general level of prices.
Cost-Push Inflation Occurs when increases in the cost of production are passed onto the consumer in the form of increased prices.
National Wage Agreements Are agreements between the social partners. The main parties to these agreements as far as wages are concerned – are the Irish Congress of Trade Unions, the Irish Business and Employers Confederation, various farming organisations and the government.
Money Income Is the monetary value of your income.
Negative Interest Rate This is when the rate of inflation is greater than the rate of interest.
Household Budget Survey Is a survey carried out by the CSO to find out the percentage of income which people send on various goods and services, on average.
Created by: MrDempsey
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