Measuring Inflation in Egypt: Assessment of the CPI Accuracy
Measuring Inflation in Egypt: Assessment of the CPI Accuracy
The most widely used total or headline inflation measure is the Consumer Price Index (CPI). Inflation is often said to be “persistent increases in the general level of prices, or a persistent decline in the purchasing power of money, caused by an increase in available currency and credit beyond available quantities of goods and services.” Inflation measures developed based on this approach represent partial measures only, because they pertain to a number of individual transactions in specific markets. The cost of this subset of goods and services is then compared in two distinct periods to yield a measure of inflation.
Keywords: inflation, Consumer Price Index, prices, purchasing power, money, currency, credit, transactions, goods, services
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