Inflation is defined as a rise in the general price level. In other words, prices of many goods and services such as housing, apparel, food, transportation, and fuel must be increasing in order for inflation to occur in the overall economy. Inflation may be measured in several ways with different gauges. The Bureau of Labor Statistics produces the Consumer Price Index each month. Another measure of inflation is the Personal Consumption Expenditure Chain Price Index or PCE Price Index. The PCE index is published by the Bureau of Economic Analysis and measures inflation across the basket of goods purchased by households.

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