The index that is used to measure the average prices paid by a typical family is the consumer price index (CPI). This is further explained below.
What is the consumer price index?
Generally, Average price changes paid by urban consumers for a market basket of consumer goods and services are tracked by the Consumer Price Index (CPI). Indexes for the United States and other regions are available.
In conclusion, The Consumer Price Index (CPI) is used to quantify the average cost of living for a typical household (CPI).
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