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19 10 What is the income of American workers? What is the price level?
Consumer price index (also known as consumer price index), in economics, is an index reflecting the price changes of products and services related to residents' lives, expressed as percentage changes. It is one of the main indicators to measure inflation. Generally speaking, more than 3% is inflation and more than 5% is serious inflation. CPI is often an important reference index for market economic activities and government monetary policy. CPI stability, full employment and GDP growth are often the most important social and economic goals. If the consumer price index rises too much, it shows that inflation has become an unstable factor in the economy, and the country will have the risk of tightening monetary and fiscal policies, which will lead to uncertain economic prospects. Therefore, the excessive rise of the index is often unpopular with the market. The available means include raising interest rates, tightening monetary policy, adopting a prudent fiscal policy, increasing production and stabilizing prices.
Calculation method: The consumer price index measures the changes over a period of time, including the average changes in retail prices of various (usually hundreds) goods and services. These different goods and services will be divided into several main categories. When calculating the consumer price index, each category has a weight that can show its importance. These weights are determined by investigating the products and services purchased by thousands of families and individuals. Weights are often revised to make them conform to the actual situation. CPI is a fixed quantity and price index, which cannot reflect the improvement or decline of commodity quality, regardless of new products. If CPI deducts volatile food and energy statistics, this data is called "core price change rate". When the core price change rate is lower than 3%, the economic growth rate should be at a low level. The composition of CPI in Chinese mainland includes the prices of eight categories of products: food, tobacco, alcohol and supplies, clothing, household equipment, medical care, transportation and communication, entertainment, education and culture, and housing, among which CPI has the highest weight.
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