Question

The CPI is computed by the U.S. Bureau of Labor Statistics based on interviews with and weekly diaries of more than ________________ families around the country.

Answer 1

The CPI is calculated by the U.S. Bureau of Labor Statistics using data from approximately 7,000 households to reflect the average cost of living changes.

Step-by-step explanation:

The Consumer Price Index (CPI) is computed by the U.S. Bureau of Labor Statistics through interviews and weekly diaries conducted with more than 7,000 households around the country. These households are part of the Consumer Expenditure Survey, which provides detailed information on spending habits and helps determine a representative basket of goods for calculating the CPI.

The Consumer Price Index (CPI) is computed by the U.S. Bureau of Labor Statistics (BLS) using the Consumer Expenditure Survey, which collects detailed information on spending habits from about 7,000 households. The CPI is an important economic indicator that reflects the changes in the cost of purchasing a basket of goods and services representative of the average household's consumption. By analyzing CPI data, the BLS tracks inflation and helps policymakers, businesses, and the public understand the changes in the cost of living over time.