11:44
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Simple English definitions for legal terms
cost-of-living index
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A quick definition of cost-of-living index:
A cost-of-living index, also known as a consumer price index, is a tool that helps us keep track of how much things cost. It looks at the prices of things that people usually buy, like food and clothes, and is published every month by the U.S. Bureau of Labor Statistics. This helps us see if prices are going up or down, which is important because it affects how much money we need to buy the things we need.
A more thorough explanation:
A cost-of-living index, also known as a consumer price index (CPI), is a measure of the average price of goods and services that consumers buy. It is published monthly by the U.S. Bureau of Labor Statistics and is used to track changes in the rate of inflation.
For example, if the CPI for a particular month is 120, it means that the cost of living has increased by 20% compared to the base period. This means that the same amount of money will buy fewer goods and services than before.
The CPI includes a wide range of goods and services, such as food, housing, transportation, healthcare, and education. It is used by policymakers, businesses, and individuals to make decisions about budgeting, investing, and saving.