Consumer price index (CPI)

Consumer price index (CPI)
Compiled by the Australian Bureau of Statistics, the index was introduced in 1960 as a replacement for the retail price index as an indicator of the general Australian rate of change of prices for consumer goods and services. The index measures movements in the list of goods and services, with about 100,000 prices regularly collected for each quarter is the result. The index is not, strictly speaking, the cost of living index will be less tangible concepts such as living standards and the adjustments people make to change prices. The index reflects the cost of a fixed list of goods and services, with a list periodically reviewed to ensure that it reflects as accurately as possible the trend of the population.