The Consumer Price Index (CPI) is an official measure of inflation used in procurement to track the changes in prices of goods and services over time. It measures price-level changes by collecting data from a representative sample of retail businesses, service providers, landlords and other sources. The CPI is an important measure for staying informed on economic trends and budgeting for long-term planning purposes. For procurement officers, being aware of the current CPI can aid in forming accurate estimates for budget forecasts and contract negotiations.
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