Price variability refers to the fluctuations in the price of goods and services over time. This can occur due to various factors, including changes in supply and demand, market conditions, and external influences such as economic events or natural disasters. For example, the price of oil may rise sharply during geopolitical tensions, affecting the cost of gasoline. Understanding price variability is important for consumers and businesses alike. It helps them make informed decisions about purchasing and budgeting. By monitoring trends in price variability, individuals can identify the best times to buy products, while businesses can adjust their pricing strategies to remain competitive in the market.