Official definition · 官方定义
“The Consumer Price Index (CPI) is a measure of the aggregate price level in an economy.”[1]
— Corporate Finance Institute, CFI Resource Library · corporatefinanceinstitute.com ↗ · accessed 2026-10-25
The consumer price index tracks the cost of a fixed basket of goods and services that households buy. It is the most quoted measure of inflation, and it is used to index pensions, contracts and some taxes.
消费者价格指数追踪家庭购买的一篮子固定商品与服务的成本。它是最常被引用的通胀指标，也用来指数化养老金、合同与部分税收。
CPI matters twice: it is the inflation number the public feels, and it is the number that adjusts Social Security and many wage contracts. But it is not the Fed's target — the Fed uses PCE, which weights medical spending differently and substitutes goods when prices change. That is why CPI can run hotter than PCE for years without the Fed reacting.
CPI 有两重意义：它是公众感受到的通胀，也是调整社保和许多工资合同的依据。
但它不是美联储的目标——美联储用 PCE，后者对医疗支出的权重不同，且会在价格变化时允许替代。所以 CPI 可以多年高于 PCE，而美联储不因此行动。
| Move变动 | Where it appeared出现位置 | What it means这句话在说什么 |
|---|---|---|
| 3.7% | Wall Street slumps as hot inflation revives the Fed’s rate-hike fears 消费者价格指数 · 第 5 张术语卡 | The CPI came in at 3.7% versus 3.6% expected; that single miss flipped rate-cut hopes into hike bets. CPI 分『整体』与『核心』（剔除波动大的食品与能源）。市场既看同比（相对一年前）也看环比（相对上月）。本次 3.7% 为同比。 |
| 0.4% | PepsiCo to raise some prices after cuts failed to grow sales 消费者价格指数 · 第 9 张术语卡 | The article ends with it: US CPI rose 0.4% in August, which is why PepsiCo can describe its increase as only “aligned with inflation”. 读 CPI 有两个习惯：看环比还是同比（环比 +0.4% 听着小，年化约 5%，一点也不小）；看食品细分项——零食、汽水属于「食品与非酒精饮料」，权重不低，也是最容易让普通人产生「东西变贵了」实感的部分。百事这类公司的涨价通知与 CPI 互为因果：CPI 里有它们，它们也拿 CPI 当说辞。 |
CPI is the cost of living
It is one basket for an average household, not your basket.
Core CPI ignores food and energy because they do not matter
Because they are volatile, not unimportant.
CPI is the Fed's target
The Fed targets PCE, currently 2%.
· CPI rose 3.2% year on year
· core CPI
· the CPI basket
· seasonally adjusted
· shelter inflation
CPI rose 3.2% year on year CPI 同比上涨 3.2%；core CPI 核心 CPI；the CPI basket CPI 篮子；seasonally adjusted 季调；shelter inflation 住房通胀。
· CPI vs PCE
· headline vs core
CPI 和 PCE 是两个指标，权重不同；headline 含食品能源，core 不含。
CPI rose X% from a year earlier, while core CPI came in at Y%.
数据句：CPI 同比上涨 X%，核心 CPI 为 Y%——while 引出两个口径的对比。
“The CPI came in at 3.7% versus 3.6% expected; that single miss flipped rate-cut hopes into hike bets.”
“The article ends with it: US CPI rose 0.4% in August, which is why PepsiCo can describe its increase as only…”