Question

What are four of the eight things that make up the basket of goods and services in the Consumer Price Index?

Answer 1

The consumer price index is simply used for measure the average change in the prices paid by the consumers for represented basket of goods and services over a given period of time

It is also used for calculating inflation rate

The consumer price index is generally measured by fixing the market basket goods and exclude the variables in which price fluctuates like crude oil, gasoline etc

The eight major groups are-

food and beverages

housing Apparel

Transportation

Medical care

Recreation

Education

communication

Other goods and services