Index of Retail Prices

The Index of Retail Prices measures the average change in the prices of a typical basket of goods and services purchased by households over time. It tracks inflation by showing how much prices have increased or decreased compared to a base period. A rising index indicates higher prices, meaning the cost of living is going up, while a falling index suggests prices are dropping. This index helps economists, policymakers, and consumers understand inflation trends, assess purchasing power, and make informed financial decisions.