Final answer:
The statement is true as the Bureau of Labor Statistics does collect monthly data on a market basket of goods to calculate the Consumer Price Index.
Step-by-step explanation:
The statement that the Bureau of Labor Statistics (BLS) collects data on the price of a market basket of goods and releases this information on a monthly basis is true. The BLS utilizes a detailed process for measuring the Consumer Price Index (CPI). Using the Consumer Expenditure Survey, which involves about 7,000 households, the BLS defines a basket of goods that reflects the spending habits of the average U.S. household. This basket is categorized into over 200 items, divided into eight major groups, based on the 1982-1984 base period. Each month, BLS data collectors visit or connect with roughly 23,000 stores across 87 urban areas to collect prices on 80,000 specific products. They also survey 50,000 landlords or tenants to gather data on rents to ensure a comprehensive coverage of the housing market.