Consumer Price Index CPI

The Consumer Price Index (CPI) is a statistical measure of change, over time, of the prices of goods and services in major expenditure groups--such as food, housing, apparel, transportation, and medical care--typically purchased by urban consumers.  Essentially, it compares the cost of a sample "market basket" of goods and services in a specific month relative to the cost of the same "market basket" in an earlier reference period.  This reference period is designated as the base period.