<P> In economics, the GDP deflator (implicit price deflator) is a measure of the level of prices of all new, domestically produced, final goods and services in an economy . GDP stands for gross domestic product, the total value of all final goods and services produced within that economy during a specified period . </P> <P> Like the consumer price index (CPI), the GDP deflator is a measure of price inflation / deflation with respect to a specific base year; the GDP deflator of the base year itself is equal to 100 . Unlike the CPI, the GDP deflator is not based on a fixed basket of goods and services; the "basket" for the GDP deflator is allowed to change from year to year with people's consumption and investment patterns . </P> <P> In most systems of national accounts the GDP deflator measures the ratio of nominal (or current - price) GDP to the real (or chain volume) measure of GDP . The formula used to calculate the deflator is: </P>

An important difference between cpi and the gdp deflator is
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