The Consumer Price Index (CPI) measures changes in the prices of a basket of goods and services purchased by the general population in a country. The year-on-year (YoY) growth rate of the CPI reflects the annual percentage change in the prices of this basket of goods and services.
An increase in the YoY growth of the CPI indicates inflation, meaning consumers need to pay more to purchase the same amount of goods and services. Conversely, a decrease suggests deflation, meaning consumers can pay less to purchase the same amount goods and services. Therefore, the YoY growth rate of the CPI is an important economic indicator offering insights into the impact of inflation or deflation on consumers.
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