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This lesson describes about the concepts like CPI and WPI and how are they different from those of GDP deflator.

Arpita Prakash
YouTuber NCERTs series initiator at Unacademy 'Educator of the Month' for Feb'19 CBSE 0.1% Merit Certificate holder in Mathematics

Unacademy user
Sachin me Muslim name ki sthapna Hui
love ur classes... on this platform
Mam, don't stop here...Please Cover all six Chapter's.
  1. .Another way of measuring change of prices in an economy: o CPI- Consumer Price Index- Index of prices of a given basket of commodities which are bought by the representative consumer. o Generally expressed in % terms o 2 years under consideration base year (calculation of cost of purchase of a given basket of commodities) and current year ( calculation of cost of purchase of same basket) . Latter is expressed as a % of a former-( CPI)-of current year vis-a-vis the base year Two sets of prices for many commodities- Retail price, actually paid by consumer and wholesale price, at which goods are traded in bulk Difference in their value because of margin kept by traders Goods traded in bulk (raw materials or semi finished goods)- not purchased by ordinary consumers o WPI- Wholesale Price Index USA-> PPl- Producer Price Index CPI and WPI are different from GDP deflator.