The Consumer Price Index (CPI) is determined each month by multiple choice 1 estimating the prices of goods and services in the economy at the same rate as the cost of living increases. comparing the value of a market basket of goods that consumers typically purchase to the value of the basket in cities around the country. comparing the value of a market basket of goods that consumers typically purchase to the value of the basket in a base year. averaging all the prices of goods and services in the economy.