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Retail Price Index

Description

The Retail Price Index (RPI) is a measure of inflation that tracks the changes in retail prices of a basket of goods and services commonly bought by households. It provides an indication of how the cost of living changes over time.

Sense 1: Financial Measurement

In a financial context, the Retail Price Index refers to an index used to measure the average price changes of goods and services over a specific period in a given country. It helps to monitor and understand the rate of inflation.

Sample Sentence:

The government uses the Retail Price Index to adjust salaries and pensions to keep pace with inflation.

Sense 2: Statistical Data

As statistical data, the Retail Price Index represents the percentage change in the average price of a basket of goods and services over time. Economists and policymakers analyze RPI data to make informed decisions and forecasts.

Sample Sentence:

The latest Retail Price Index showed a slight increase in inflation, indicating potential economic challenges.

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