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Simple English definitions for legal terms
wholesale price index
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A quick definition of wholesale price index:
Wholesale Price Index: A measure of how much the prices of goods sold in bulk to retailers and other businesses are changing over time. It is released monthly by the U.S. Bureau of Labor Statistics. This index helps us understand how much it costs for businesses to buy the products they need to sell to consumers. It is different from the Consumer Price Index, which measures how much prices are changing for individual consumers.
A more thorough explanation:
The Wholesale Price Index, also known as the Producer Price Index, is a monthly index that tracks changes in the prices of goods sold in bulk by producers and wholesalers. It is issued by the U.S. Bureau of Labor Statistics.
For example, if the Wholesale Price Index for steel increases by 5%, it means that the cost of steel for producers and wholesalers has gone up by 5%. This increase in cost may be passed on to consumers in the form of higher prices for goods made with steel, such as cars or appliances.
The Wholesale Price Index is different from the Consumer Price Index, which tracks changes in the prices of goods and services purchased by consumers. The Wholesale Price Index is used by businesses and policymakers to monitor inflation and make decisions about pricing and economic policy.