For someone who isn’t an economist, the Consumer Price Index may seem confusing — or it may not be something you’ve ever even considered! Whether you’re interested in economics or not, this handy program run by the Bureau of Labor Statistics is actually quite fascinating and can be helpful in making personal economic decisions.

The Consumer Price Index is a measure of the average change over time in the prices paid by American consumers for consumer goods and services. Essentially, it explains how much items cost in today’s economy, compares them to how much similar items cost in the past, and thereby gives a picture of how consumers' buying power has changed over time.

If you’re interested in learning how the price of breakfast cereal has changed in recent years or examining the cost of medical care in today’s economy, the Consumer Price Index is an incredibly useful, interesting tool.

• Consumer Price Index [Bureau of Labor Statistics]