consumer prices index

consumer prices index
conˌsumer ˈprice index [consumer price index] (BrE also conˌsumer ˈprices index) noun singular (abbr. CPI)
a list of the prices of some ordinary goods and services which shows how much these prices change each month
see also retail price index
 
Culture:
The CPI is calculated by looking at the average price of a range of things which an average person might buy each month and shows general movements in prices. In the US it is used as the basis for changes in social security benefit payments. In the UK it is the name used for the Harmonized Index of Consumer Prices, the index used in all countries of the ↑EU so that inflation rates of member states can be compared. The CPI is used by the ↑Treasury for the inflation target each year but social security benefits in Britain are increased on the basis of the older Retail Price Index.

Useful english dictionary. 2012.

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