Which of the following is an essential stage in the process of calculating the Consumer Prices Index (CPI) in the UK?
The prices of goods and services are weighted according to their price elasticity of demand.
A representative basket of goods and services is updated annually to reflect changing consumer spending patterns.
Every retail transaction in the country is tracked to find the exact change in average prices.
The basket of items is determined solely by the import and export values of the UK's top manufacturing sectors.
