BLS programs | Related articles
December 1993, Vol. 116,
The Consumer Price Index: underlying
concepts and caveats
Economist, Division of Price and Index
Number Research, Bureau of Labor Statistics
To properly use the Consumer Price Index, one
must understand its relationship to an ideal cost-of-living index
and the problems of implementation. This article reviews how the
theory of the cost-of-living index (CLI) provides the conceptual foundation for the CPI and the caveats governing the
use of the CPI as an
approximation for a CLI.
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