Answer:
A representative selection of commonly purchased goods and services used by consumers is called the "Consumer Price Index" (CPI).
Step-by-step explanation:
The "Consumer Price Index" (CPI) measures the evolution of the average cost of a basket of goods and services representative of household consumption. The calculation is made taking into account the consumption of a period that is taken as the basis.
This indicator is useful for calculating inflation since it is defined as the percentage variation of the CPI between two periods. Annual inflation is measured by taking the value of the CPI for a month and calculating its variation against the data for the same month of the previous year.