Final answer:
Stable prices, indicating economic health, are measured using indices like the Consumer Price Index, calculated by the U.S. Bureau of Labor Statistics. Current economic performance can be assessed by looking at the latest CPI reports and considering the fluctuations in the market.
Step-by-step explanation:
Stability is determined when there is consistent economic growth, low and steady unemployment rates, and when prices are maintained at a steady level. Inflation is measured through various indices, with the Consumer Price Index (CPI) being the most commonly cited in the United States. The CPI is calculated by government statisticians at the U.S. Bureau of Labor Statistics (BLS) based on a fixed basket of goods and services that reflects the average purchases of a family of four. This index measures changes over time in the price level of consumer goods and services purchased by households. Another measure is the Producer Price Index (PPI), which gauges the average changes in selling prices received by domestic producers for their output. This index can be an indicator of future CPI changes as it measures price changes from the perspective of the seller as opposed to the buyer. As to the latest data, economists analyze and track the performance and trends of inflation using these indices. However, due to fluctuations in global and domestic markets, stability varies over time. The current state of price stability can be found in the latest reports from the BLS, reflecting the ongoing economic conditions.