consumer price index
noun/kənˌsjuːmə ˈpraɪs ɪndeks/
/kənˌsuːmər ˈpraɪs ɪndeks/
(British English also consumer prices index)
[singular] (abbreviation CPI)
- a list of the prices of some ordinary goods and services, which shows how much these prices change each monthCultureThe CPI is calculated by looking at the average price of a range of things which an average person might buy each month and shows general movements in prices. In the US it is used as the basis for changes in social security benefit payments. The CPI is used by the Treasury to measure inflation, and pensions for public employees are increased on the basis of it. compare retail price index.see also retail price index
Definitions on the go
Look up any word in the dictionary offline, anytime, anywhere with the Oxford Advanced Learner’s Dictionary app.
Check pronunciation:
consumer price index