The term inflation when used in the context of economics in general, and the budget process in particular, means the rate at which the prices in certain economic sectors are rising. While the general term “inflation” usually refers to the general price level. This often is used as a general term for the Consumer Price Index, which is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.
The Federal Reserve, however, uses the Personal Consumption Expenditures price index, which is somewhat different than the CPI.
Inflation (Economics Term)
A rise in the general price level.
Inflation (Bureau of Labor Statistics)
The BLS provides the following links for Inflation and Prices.
Consumer Price Indexes (CPI) Monthly data on changes in the prices paid by urban consumers for a representative basket of goods and services.
Producer Price Indexes Monthly data on changes in the selling prices received by domestic producers of goods and services.
Import/Export Price Indexes Monthly data on changes in the prices of imported and exported nonmilitary goods traded between the U.S. and the rest of the world.
Consumer Expenditure Survey Data on the buying habits of American consumers, by socioeconomic characteristics.