Consumer Price Index

What is it and why does it matter?

The Consumer Price Index (CPI) 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. The default view shows the 12-month percent change, but the index values are available too. There is also data available for the United States. Data for the Detroit-Warren-Dearborn CBSA are available on a bi-monthly basis, but data for the U.S. is available monthly; therefore, the observation for the Detroit region is repeated in the month not published. Changes in consumer prices are important to track, as inflation impacts residents' ability to afford basic necessities.