HopefullyInLawSchool
16:06
Warning
Info
Warning
Info
LSDefine
Simple English definitions for legal terms
consumer price index
Read a random definition: stated account
A quick definition of consumer price index:
Consumer Price Index: A tool that measures how much the things we buy cost and how much they change over time. It helps us keep track of how much more expensive things are getting and is published every month by the U.S. Bureau of Labor Statistics. It's like a report card for how much things cost for the average person. We use it to see if prices are going up too fast, which is called inflation. It's also called the cost-of-living index.
A more thorough explanation:
The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by consumers for a basket of goods and services. It is published monthly by the U.S. Bureau of Labor Statistics and is used to monitor changes in the rate of inflation.
Let's say the CPI for a particular month is 200. This means that, on average, prices for goods and services have increased by 2% compared to the base period. For example, if a gallon of milk cost $3 in the base period, it would now cost $3.06.
A consumer product is an item that is intended for personal, family, or household use and is sold in commerce. Examples of consumer products include clothing, electronics, and household appliances.
A smartphone is a consumer product because it is intended for personal use and is sold in commerce. It is not intended for use in a business or industrial setting.
Another example of a consumer product is a washing machine. It is intended for household use and is sold in commerce. It is not intended for use in a commercial laundry facility.
These examples illustrate that consumer products are items that are intended for personal use and are sold in commerce. They are not intended for use in a business or industrial setting.