NBC Responds got a behind-the-scenes look at the work community members do to collect this data.
Every month, the U.S. Bureau of Labor Statistics releases updated Consumer Price Index data tracking the cost of a variety of goods and services from the past month.
We talk about inflation all the time.
When the prices of goods and services increase or decrease, we feel it in our wallets.
But how does our country track trends?
NBC Responds got a behind-the-scenes look at the work community members do to collect this data.
Get top local stories in Connecticut delivered to you every morning. Sign up for NBC Connecticut's News Headlines newsletter.
Every month, the U.S. Bureau of Labor Statistics releases updated Consumer Price Index data tracking the cost of a variety of goods and services from the past month.
Federal workers canvass businesses across the country to gather this pricing.
In Connecticut, four economic assistants collect data throughout Hartford, Middlesex, and Tolland counties.
NBC CT Responds
Each month, they visit stores, doctors’ offices, and rental units and call thousands of these locations to gather the prices of things like food and fuel.
“The CPI is important because it tracks inflation. That affects millions of people because a lot of cost-of-living adjustments are made,” explained Patrick Powers, a Consumer Price Index economic assistant, who works out of the Boston area.
The information he and others collect impacts tax brackets, Social Security payments, and benefit levels for programs like SNAP and WIC.
Plus, it helps businesses around the country make informed business decisions, like how much of a raise to give you based on the current cost of living.
The next Consumer Price Index report will be released on Thursday, April 10.
