Which of the following statements is correct with regard to Consumer Price Index?
1
It measures the average change in the sale price of goods and services either as they leave the place of production or as they enter the place of production.
2
It is used to monitor changes in the cost of living over time.
3
It is used to monitor the cost of the goods and services bought by producers and firms.
4
It reflects the price of all the goods and services produced domestically.