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Is the price level cpi?
No, CPI reflects the percentage change of the price level, not the price level itself.
For example, the news says that the CPI this month is 5%, which means that the price level this month has increased by 5% compared with the same period last year.
The relationship between CPI and price level is similar to that between population growth rate and population. The former reflects the degree of change and the latter reflects the inherent level.
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