The Consumer Price Index, is the index of prices of a given basket of commodities which are bought by the representative consumer. Which of the following statements is NOT true about Consumer Price Index?
1
Consumer Price Index is generally expressed in percentage terms.
2
Cost of purchase of the given basket is calculated in the base year as well as in the current year.
3
Consumer Price Index does not include prices of imported goods.
4
The weights are constant in Consumer Price Index.