™An illustrative CPI index moving from 100 to 103 represents a 3% increase in that index; your household's spending mix can experience a different change.
Economics
Consumer price index (CPI)
A measure of average price changes for a basket of consumer goods and services.
Plain-English context
Put the definition to work.
CPI is not every household's personal inflation rate. Identify the population, adjustment and month/year comparison.
Further reading and verification. Examples are hypothetical, not current quotes or recommendations. Product terms, tax treatment and market rules can change. BLS — CPI questions and answers