The most common type of market basket is the basket of consumer goods, used to define the Consumer Price Index (CPI). This is intended to track the prices of consumer goods and services, i.e., it is a sample of goods and services, offered at the consumer market. The consumer basket is the base for the definition of the Consumer Price Index (CPI).
The list used for such an analysis would contain a number of the most commonly bought food and household items. The variations in the prices of the items on the list from month to month give an indication of the overall development of price trends.
The market basket may be further classified into Household Items, Personal Goods and Services, Tobacco, Leisure Goods, Households Services, Housing, Alcoholic Drinks and other categories, depending on the country's survey.
See also Edit
- Market basket analysis - a distinct concept in data mining involving the analysis of items frequently purchased together.