Define the following terms:1. inflation2. price index3 . CPIs4. WPIs – InterviewSolution

1.	Define the following terms:1. inflation2. price index3 . CPIs4. WPIs
Answer» Continuous rise in prices of goods is known as inflation. Change in price is measured with the help of a statistical device known as a price index. CPIs are used to calculated DA (Dearness Allowance) to be paid for government employees, to revise legal wages, etc. WPIs are helpful in calculating the rates of inflation.

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