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Producer Price Index
A producer price index (PPI) is a price index A price index (''plural'': "price indices" or "price indexes") is a normalized average (typically a weighted average) of price A price is the (usually not negative) quantity of payment or compensation given by one party to another in re ... that measures the average changes in prices received by domestic producers for their output. Its importance is being undermined by the steady decline in manufactured goods as a share of spending. Related measures A number of countries that now report a producer price index previously reported a wholesale price index. PPIs around the world United States In the US, the PPI was known as the Wholesale Price Index, or WPI, up to 1978. The PPI is one of the oldest continuous systems of statistical data published by the Bureau of Labor Statistics The Bureau of Labor Statistics (BLS) is a unit of the United States Department of Labor The United States Department of Labor (DOL) is a ...
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Producer Price Index
A producer price index (PPI) is a price index A price index (''plural'': "price indices" or "price indexes") is a normalized average (typically a weighted average) of price A price is the (usually not negative) quantity of payment or compensation given by one party to another in re ... that measures the average changes in prices received by domestic producers for their output. Its importance is being undermined by the steady decline in manufactured goods as a share of spending. Related measures A number of countries that now report a producer price index previously reported a wholesale price index. PPIs around the world United States In the US, the PPI was known as the Wholesale Price Index, or WPI, up to 1978. The PPI is one of the oldest continuous systems of statistical data published by the Bureau of Labor Statistics The Bureau of Labor Statistics (BLS) is a unit of the United States Department of Labor The United States Department of Labor (DOL) is a ...
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Price Index
A price index (''plural'': "price indices" or "price indexes") is a normalized average In colloquial Colloquialism or colloquial language is the style (sociolinguistics), linguistic style used for casual (informal) communication. It is the most common functional style of speech, the idiom normally employed in conversation and other ... (typically a weighted average The weighted arithmetic mean is similar to an ordinary arithmetic mean (the most common type of average), except that instead of each of the data points contributing equally to the final average, some data points contribute more than others. The ...) of price A price is the (usually not negative) quantity Quantity is a property that can exist as a multitude or magnitude, which illustrate discontinuity and continuity. Quantities can be compared in terms of "more", "less", or "equal", or by ... relatives for a given class of goods In economics Economics () is the social science that studies ...
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Wholesale Price Index
The Wholesale Price Index (WPI) is the price A price is the (usually not negative) quantity Quantity is a property that can exist as a multitude or magnitude, which illustrate discontinuity and continuity. Quantities can be compared in terms of "more", "less", or "equal", or by ... of a representative basket of wholesale Wholesaling or distributing is the sale of goods or merchandise Merchandising is any practice which contributes to the sale of products to a retail consumer A consumer is a person or a group who intends to order, orders, or uses purch ... goods. Some countries (like the Philippines) use WPI changes as a central measure of inflation In economics, inflation refers to a general progressive increase in prices of goods and services in an economy. When the general price level rises, each unit of currency buys fewer goods and services; consequently, inflation corresponds to a r .... But now India has adopted new CPI to measure inflatio ...
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Inflation Data
In economics, inflation refers to a general progressive increase in prices of goods and services in an economy. When the general price level rises, each unit of currency buys fewer goods and services; consequently, inflation corresponds to a reduction in the purchasing power of money. The opposite of inflation is deflation, a sustained decrease in the general price level of goods and services. The common measure of inflation is the inflation rate, the annualised percentage change in a general price index. Prices will not all increase at the same rates. Attaching a representative value to a set of prices is an instance of the index (economics), index number problem. The consumer price index is often used for this purpose; the employment cost index is used for wages in the United States. Differential movement between consumer prices and wages constitutes a change in the standard of living. The causes of inflation have been much discussed (see #Causes, below), the consensus bein ...
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Bureau Of Labor Statistics
The Bureau of Labor Statistics (BLS) is a unit of the United States Department of Labor The United States Department of Labor (DOL) is a cabinet-level department of the U.S. federal government responsible for occupational safety and health, wage and hour standards, unemployment benefits, reemployment services, and some economic .... It is the principal fact-finding agency for the U.S. government The federal government of the United States (U.S. federal government or U.S. government) is the national government of the United States The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or U ... in the broad field of labor economics and statistics and serves as a principal agency of the U.S. Federal Statistical System. The BLS is a governmental statistical agency that collects, processes, analyzes, and disseminates essential statistical data to the American public, the U.S. Congress The United States Congress or ...
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Federal Government Of The United States
The federal government of the United States (U.S. federal government or U.S. government) is the Federation#Federal governments, national government of the United States, a federal republic in North America, composed of 50 U.S. state, states, a District of Columbia, federal district (District of Columbia, where the government is based), five major Territories of the United States, self-governing territories and several United States Minor Outlying Islands, island possessions. The federal government is composed of three distinct branches: United States Congress, legislative, #Executive branch, executive, and Federal judiciary of the United States, judicial, whose powers are vested by the United States Constitution, U.S. Constitution in the United States Congress, Congress, the President of the United States, president and the Federal Courts of the United States, federal courts, respectively. The powers and duties of these branches are further defined by acts of Congress, inclu ...
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India
India, officially the Republic of India (Hindi Hindi (Devanagari: , हिंदी, ISO 15919, ISO: ), or more precisely Modern Standard Hindi (Devanagari: , ISO 15919, ISO: ), is an Indo-Aryan language spoken chiefly in Hindi Belt, North India. Hindi has been described as a Standard la ...: ), is a country in South Asia South Asia is the southern region of Asia, which is defined in both geography, geographical and culture, ethno-cultural terms. The region consists of the countries of Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, and Sri La .... It is the seventh-largest country by area, the second-most populous country, and the most populous democracy Democracy ( gr, δημοκρατία, ''dēmokratiā'', from ''dēmos'' 'people' and ''kratos'' 'rule') is a form of government in which people, the people have the authority to deliberate and decide legislation ("direct democracy"), or to cho ... in the world. Bounded by the Indian Oce ...
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Inflation
In economics Economics () is a social science Social science is the branch A branch ( or , ) or tree branch (sometimes referred to in botany Botany, also called , plant biology or phytology, is the science of plant life and a bran ..., inflation refers to a general progressive increase in prices of goods and services in an economy. When the general price level rises, each unit of currency buys fewer goods and services; consequently, inflation corresponds to a reduction in the purchasing power Purchasing power is the amount of goods and services that can be purchased with a unit of currency A currency, "in circulation", from la, currens, -entis, literally meaning "running" or "traversing" in the most specific sense is money Im ... of money. The opposite of inflation is deflation In , deflation is a decrease in the general of goods and services. Deflation occurs when the rate falls below 0% (a negative ). Inflation reduces the val ...
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Substitution (economics)
In microeconomics, two goods are substitutes if the products could be used for the same purpose by the consumers. That is, a consumer perceives both goods as similar or comparable, so that having more of one good causes the consumer to desire less of the other good. Contrary to complementary goods and independent goods, substitute goods may replace each other in use due to changing economic conditions. An example of substitute goods is Coca-Cola and Pepsi; the interchangeable aspect of these goods is due to the similarity of the purpose they serve, i.e fulfilling customers' desire for a soft drink. These types of substitutes can be referred to as close substitutes. Definition Economic theory describes two goods as being close substitutes if three conditions hold: # products have the same or similar performance characteristics # products have the same or similar occasion for use and # products are sold in the same geographic area Performance characteristics describe what the pro ...
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