Editing Price level (section)

{{short description|Hypothetical measure of overall prices}}
{{About||a related discussion|Price index|macroeconomic determination of the price level|AD–AS model}}
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The '''general price level''' is a hypothetical measure of overall [[price]]s for some set of [[Good (economics)|good]]s and [[Service (economics)|service]]s (the [[consumer basket]]), in an economy or [[monetary union]] during a given interval (generally one day), [[numéraire|normalized]] relative to some base set.  Typically, the general price level is approximated with a daily [[price index|price ''index'']], normally the Daily [[Consumer price index|CPI]]. The general price level can change more than once per day during [[hyperinflation]].