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Consumer Price Index

Rakesh spends...

Question

Rakesh spends on rice, toys, tuition fee, etc. Which index will be used to calculate the average of this whole expenditure?

A

Consumer price index

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B

Wholesale price index

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C

Food price index

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D

Price index

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Solution

The correct option is A Consumer price index
The CPI or the consumer price index is calculated for goods and services. It also reveals the extra expenses that are incurred by an individual. Using this, the government can revise the wage rate of manual labourers or provide compensation to non-manual labourers.

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