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Question
What does the food basket mean with reference to inflation?
Answer in Brief
Solution
The term "food basket" refers to a collection of diverse food products that should be included in a person's diet in order to meet his daily nutritional needs. The food basket is usually prepared with the intention of calculating the inflation that has occurred in the food products. The measurement of changes in food prices is necessary of examine the change in food prices as well as their impact on the overall price level.
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