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Using the Consumer Price Index

  1. Apr 29, 2010 #1
    I was wondering... how do you convert index data into actual prices? I'd like to do that for a statistics paper....

    I guess it has something to do with a base year or something.

    And thanks for any help!
     
  2. jcsd
  3. Apr 30, 2010 #2

    Kerrie

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    This may need to be moved to a homework forum?

    What is the price in your base year? You will need this number to calculate your CPI.

    CPI = (Price of basket of goods or services in current year / Price of basket of goods or services in base year) X 100

    Hope this helps you? If not, I can try again!
     
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