Oh, cool graph, but what is it?
This graph shows the average consumer prices of goods and services and how it’s changed since 1992.
So how exactly do we explain consumer pricing?
Every month, the Bureau of Labor Statistics releases the Consumer Price Index, better known as CPI. It pretty much shows how much stuff costs — stuff like food and beverages, housing, and apparel. You might hear people mention something similar to “a basket of goods” a lot. They mean this: the average cost of each kind of item.