Which of the following is used to measure inflation?

Assessment: WAEC SSCE - Economics - 1998 (Objective) Subject: Economics

Question 1 Report

Which of the following is used to measure inflation?
Answer Details
Price index is used to measure inflation. It is a statistical measure that tracks the changes in the prices of a basket of goods and services over time. The basket of goods and services typically represents the items that an average household consumes. The price index can help to determine the rate of inflation, which is the rate at which the general level of prices for goods and services is rising over a given period of time. Commonly used price indices include the Consumer Price Index (CPI) and the Producer Price Index (PPI).
Read lesson note on Money And Inflation (WAEC)
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