The Consumer Price Index (CPI) is a measure that examines the average change over time in the prices paid by consumers for a basket of goods and services. This basket includes items like food, clothing, and housing, which are essential for everyday living. The CPI is often used to assess inflation and the cost of living, helping policymakers and economists understand economic trends. CPI data is collected by the Bureau of Labor Statistics in the United States and is released monthly. Changes in the CPI can influence decisions related to wages, pensions, and government benefits, making it a crucial economic indicator for both individuals and businesses.