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Aggregate Price Level
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A measure of the overall level of prices in the economy.
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Market Basket
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A hypothetical set of consumer purchases of goods and services.
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Price Index
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Measures the cost of purchasing a given market basket in a given year, where that cost is normalized so that it is equal to 100 in the selected base year.
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Inflation Rate
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The percent change per year in a price index-typically the consumer price index
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CPI (Consumer Price Index)
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Measures the cost of the market basket of a typical urban American family.
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PPI (Producer Price Index)
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Measures changes in the prices of goods purchased by producers.
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GDP deflator
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For a given year, 100 times the ratio of nominal GDP to real GDP in that year
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