Consumer prices refer to the costs that individuals pay for goods and services in the marketplace. These prices can fluctuate based on various factors, including supply and demand, production costs, and economic conditions. Tracking consumer prices helps to understand inflation, which is the rate at which the general level of prices for goods and services rises. The Consumer Price Index (CPI) is a common measure used to assess changes in consumer prices over time. It reflects the average change in prices paid by consumers for a basket of goods and services, including food, housing, and transportation. Policymakers and economists use the CPI to gauge economic health and make informed decisions.