The Consumer Price Index (CPI) is an important measure of inflation in the United States. It is a weighted average of prices for a basket of goods and services representative of aggregate U.S. consumer spending. The CPI is released monthly by the Bureau of Labor Statistics (BLS).Inflation can have a significant impact on the economy and on consumers. The CPI is one of the most closely watched indicators of inflation. The CPI can also be used to adjust for changes in the cost of living.The CPI is calculated by taking the weighted average of prices for a basket of goods and services. The basket of goods and services is representative of aggregate U.S. consumer spending. The weights are based on data from the Consumer Expenditure Survey.The CPI is a important measure of inflation because it is a broad measure of the prices paid by consumers. The CPI is used to adjust for changes in the cost of living. The CPI can also be used to compare the prices of goods and services across time.The CPI is calculated by the Bureau of Labor Statistics. The BLS collects prices for a basket of goods and services. The prices are collected from around the country. The BLS then calculates the average price of the basket.