Price Index (Noun)
Meaning
An index that traces the relative changes in the price of an individual good (or a market basket of goods) over time.
Classification
Nouns denoting communicative processes and contents.
Examples
- The Consumer Price Index is a widely used price index that measures the average change in prices of a basket of goods and services.
- The price index for housing has increased significantly over the past year, making it difficult for people to afford homes.
- Economists use the GDP Deflator as a price index to measure inflation and track changes in the overall price level of goods and services.
- The price index for food has been steadily increasing over the past decade, leading to concerns about food security and affordability.
- The Producer Price Index is a price index that measures the average change in prices of goods and services at the production level.