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Consumer Price Index (CPI)
The Consumer Price Index is a measure of the average change in prices over time in a market basket of goods and services. The Consumer price index program produces monthly data on changes in the prices paid by urban consumers. The Consumer price index represents changes in prices for goods and services. User services such as water and sewer service, sales and excise taxes paid are included in the consumer price index. But income taxes and investment items like stocks and bonds are not included while computing the consumer price index.
It was noticed in March 2004 that the prices of goods and services included in the CPI were on the increase from the corresponding figures of the previous year. This can be attributed to the energy prices. The inflation calculator makes use of the Consumer Price Index (CPI) to compute the inflation rates. Since the CPI represents the changes in prices of all goods and services that were purchased for urban consumption, it serves as a benchmark to measure inflation and other parameters that affect the American consumer.
Consumer survey
Regular consumer survey is conducted for the preparation of consumer product reviews. A consumer survey may be conducted personally or online. A consumer survey is essential in creating the consumer price index. Participants in a consumer survey have to fill in details relating to the particular survey. A consumer survey can be used to collect and tabulate demographic information as well as consumer affair information.
Consumer survey conducted on American consumers showed that nearly half of the respondents were loyal to national brands of food, beverage and consumer products. This consumer survey conducted by the Grocery Manufacturers of America (GMA) indicated that most consumers took the brand name into consideration before making a final product selection. This showed the critical role that brands play in consumer decisions. A consumer survey by Consumer WebWatch revealed that less than 30% of the respondents trusted information on products and services advertised on the Internet. The credibility of web sites came under cloud with this survey on Internet consumers.
Family and consumer science
The American Association of Family and Consumer Sciences (AAFCS) is one of the oldest professional societies in the United States. Founded in 1909, the family and consumer science association’s aim is to improve the quality and standards of individual and family life through programs that educate, influence public policy, disseminate information and publish research findings. Members of the association of family and consumer science work to empower individuals and enable communities.
The family and consumer science association puts the consumer first by:
- Improving individual family and community well being;
- Impacting the development, delivery and evaluation of consumer goods and services;
- Shaping social change, thereby enhancing the quality of life.
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