Economic Definition of CPI and GDP price deflator. Defined.
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Term CPI and GDP price deflator Definition: The Consumer Price Index (CPI) and the GDP price deflator represent two alternative measures of the economy's price level and the inflation rate. The CPI is reported more often (monthly versus quarterly), but the GDP price deflator is a broader measure of the price level (all final production versus urban consumption). While the CPI is better known, economists tend to prefer the accuracy of the GDP price deflator.;Consumer Price Index;GDP price deflator;Producer Price Index;Wholesale Price Index;Consumer Price Index for All Urban Consumers;Consumer Price Index for Urban Wage Earners and Clerical Workers;CPI and GDP price deflator;inflation;price level;price index;gross domestic product;real gross domestic product;nominal gross domestic product;cost of living;business cycles;business cycle indicators;macroeconomics;macroeconomic goals;macroeconomic problems