Measuring the Cost of Living
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| consumer index price (CPI) | a measure of the overall cost of the goods and services bought by a typical customer
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| CPI calculation | CPI=price of goods and services/price of basket in base year*100
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| inflation rate | the percentage change in the price index from the preceding period
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| producer price index | a measure of the cost of a basket of goods and services bought by firms
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| indexation | the automatic correction of a dollar amount for the effects of inflation by law or contract
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| nominal interest rate | the interest rate as usually reported without a correction for the effects of inflation
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| real interest rate | the interest rate corrected for the effects of inflation
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