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Consumer Price Index (CPI)

http://www.statcan.gc.ca/pub/62-001-x/2016009/technote-notetech2-eng.htm

Definition

The Consumer Price Index (CPI) is an indicator of the changes in consumer prices experienced by the target population. The CPI measures price change by comparing, through time, the cost of a fixed basket of goods and services. The CPI basket is based on the expenditures of the target population in a certain reference period. A list of baskets and reference months is available in The Canadian Consumer Price Index Reference Paper, catalogue no. 62-553-X. Since a basket contains goods and services of unchanging or equivalent quantity and quality, the index reflects only pure price movements.

Percent versus index point changes

The movements of the indexes from one month to another are expressed as percent changes rather than changes in index points. Index point changes are affected by the level of the index which, in turn, depends on the time base of the particular index. The percentage change between any two time periods can be readily calculated by dividing the index point difference between the two time periods by the index for the earlier period and multiplying the result by one hundred.