A basket of goods refers to a fixed set of consumer products and services whose price is evaluated on a regular basis, often monthly or annually. This basket is used to track inflation in a specific market or country, so that if the price of the basket of goods increases by 2% in a year, inflation can thus be said to be 2%. The goods in the basket are meant to be representative of the broader economy and are adjusted periodically to account for changes in consumer habits.
Click to rate this post!
[Total: 0 Average: 0]