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CPI and Social Welfare
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What is the primary purpose of the Consumer Price Index (CPI)?
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A
To measure changes in the cost of living for a typical household.
💡 Explanation:
The CPI is a measure of the average change in prices over time for a basket of goods and services that are typically purchased by households. It is used to track changes in the cost of living and to adjust wages, pensions, and other payments.