Calculate CPI, inflation rates, and cost of living changes
CPI Formula: CPI = (Current Year Basket Cost / Base Year Basket Cost) × 100
Market Basket: A fixed set of goods and services representing typical consumer purchases.
Base Year: The reference year for price comparisons, typically set at CPI = 100.
Weights: Categories are weighted based on their importance in average household spending.
Inflation Rate: Percentage change in CPI from one period to another, showing cost of living changes.