The Consumer Price Index “is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services,” according to the Bureau of Labor Statistics (BLS), which issues the monthly report.

The current formula for Social Security's cost-of-living adjustments (COLA) is under scrutiny for failing to keep pace with retirees' expenses. Experts and seniors advocate for a shift to the Consumer Price Index for the Elderly (CPI-E) to better reflect their financial realities and ensure adequate benefit increases.

Escalation clauses are often used to facilitate the creation of long-term contracts as wages or prices fluctuate over time. In these contract negotiations, the Consumer Price Index (CPI) is one of the most frequently used measurements for applying or ...