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Description of Inflation

Http://stats.bls.gov/news.release/cpi.t01.htm

1. The most recent annual inflation rate.
2. Within the consumer price index data are the recent inflation rates for various types of purchases (ex: food, fuel, housing, etc.). Pick 3 separate types of purchases and record the unadjusted one year rate for each of them. (NOTE: "rate" refers to the percentage change over the past 12 months)
3. Which single type of product has the greatest impact on you personally and how does that product's inflation rate compare to the overall average?
4. Which single type of product has the greatest impact on your employer and how does that product's inflation rate compare to the overall average?

Solution Preview

These answers are based on Consumer Price Index for All Urban Consumes: taken from: http://stats.bls.gov/news.release/cpi.t01.htm
1. The most recent annual inflation rate.
The most recent annual inflation rate is 5.6%
This is the unadjusted percent change to July 2008 from July 2007 and relates to all items of the Consumer Price Index for all Urban Consumers.

2. Within the consumer price index data are the recent inflation rates for various types of purchases (ex: food, fuel, housing, etc.). Pick 3 separate types of purchases and record the unadjusted one year rate for each of them. (NOTE: "rate" refers to the percentage change over the past 12 months)
Food and ...

Solution Summary

Inflation is discussed very comprehensively in this explanation..

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