Food 31.79%, Tobacco, Alcohol & Supplies 3.49%, Clothing 8.51%, Household Equipment & Services 5.64%, Healthcare & Personal Goods 9.64%, Transportation & Communications 9.95%, Recreation, Education & Cultural Goods & Services 13.75%, Housing 17.22%.
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CPI is the abbreviation of consumer price index (consumer price index). Consumer price index, is a macroeconomic indicator that reflects changes in the price level of consumer goods and services generally purchased by households. It is a relative measure of the change in the price level of a representative set of consumer goods and services over time, and is used to reflect changes in the price level of consumer goods and services purchased by households.
Consumer price statistics survey is the final price of social products and services, on the one hand, closely related to the people's lives, but also has an important position in the price system of the national economy. It is an important indicator for economic analysis and decision-making, price level monitoring and regulation and national economic accounting. Its rate of change reflects, to a certain extent, the degree of inflation or contraction. Generally speaking, prices are considered to be inflationary when they rise across the board, in contrast to changes, and in a sustained manner.
In June 2020, national consumer prices rose 2.5 percent year-on-year, and national consumer prices fell 0.1 percent from a year earlier.
CPI is an important macroeconomic indicator reflecting changes in the price level of consumer goods and services related to residents' lives, and an important indicator for macroeconomic analysis and decision-making, as well as national economic accounting. Generally speaking, the CPI directly affects the introduction and strength of the country's macroeconomic control measures, such as whether the central bank to adjust interest rates, whether to adjust the reserve requirement ratio and so on. At the same time, the height of the CPI also indirectly affects the capital market (such as the stock market, futures market, capital market, financial market) changes.
The purpose of compiling the CPI is to understand the basic situation of price changes across the country, to analyze and study the impact of price changes on the socio-economy and the lives of residents, to meet the needs of governments at all levels in formulating policies and plans, conducting macro-controls and to provide references and bases for the national economic accounting.
The Consumer Price Index (CPI), when combined with the Employment Situation Report (Non-Farm Payrolls), becomes another popular economic indicator scrutinized in the financial markets because inflation affects everyone, determining how much consumers spend on goods and services, shaping the cost of business operations, greatly undermining personal or business investments, and affecting retirees' quality of life. Moreover, an outlook on inflation helps set up labor contracts and shape government fiscal policy.
The Consumer Price Index (CPI) measures the average change over time in the retail prices of more than 200 assorted goods and services. These 200 goods and services are categorized into eight major groups. In calculating the CPI, each category is assigned a weight that indicates its significance. These weights are determined by surveying thousands of households and individuals about the products and services they buy. The weights are revised every two years to bring them in line with people's changing preferences.