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Inflation Data Mathematics & Economics Coursework Paper

Coursework Instructions:

For this assignment read Consumer Price Index Summary and respond to the following questions.
https://www(dot)bls(dot)gov/news.release/cpi.nr0.htm
-What is the Consumer Price Index (CPI) and what does it measure?
-Has the CPI been trending upward or downward over the past six months?
-As you scroll down through the summary, you will see a paragraph about the price changes with Food, Energy and All items less food and energy.
-What did you learn about the food index?
-What did you learn about the energy index?
-What did you learn about the index for all items less food and energy?
Next, please read the Consumer Price Index for All Urban Consumers to learn about additional detail behind the Consumer Price Index.
https://www(dot)bls(dot)gov/news.release/cpi.t02.htm
-What are some of the items that have experienced price increases?
-What are some of the items that have experienced price decreases?
-Based on your knowledge of the prices of goods and services, does the CPI data make sense to you?
-What examples of price increases or price decreases have you recently witnessed?
-Does the CPI data reflect the same trends?
-Did anything in the CPI data surprise you?

Coursework Sample Content Preview:
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April 12, 2020
Question Responses
I. U.S. Bureau of Labor Statistics – Consumer Price Index Summary
a. What is the Consumer Price Index (CPI) and what does it measure?
The Consumer Price Index (CPI) is a measurement tool used in order to chart and monitor the changes in price level of consumer goods. Each of the categories for these consumer goods are weighted using an market basket of commodities that are purchased in the household level. 
b. Has the CPI been trending upward or downward over the past six months?
Over the past six months, the CPI for ‘all items’ experienced a downward trend from .2 to .1 and finally, to -.4 by the end of March 2020.
As you scroll down through the summary, you will see a paragraph about the price changes with Food, Energy and All items less food and energy.
c. What did you learn about the food index?
Based from the article, it seems that the CPI for almost all food items has experienced an increase for the past months. This suggests an inflation in almost all of the food products. However, some exceptions to this is the fruit and vegetable index that declined for 1.9% over the same observation period. 
d. What did you learn about the energy index?
The article showed that the energy index has generally experienced a significant decline for the previous months, with the biggest decrease being 13.7% for fuel oils. Almost every other commodity in the same category experienced significant decrease, with the exception of the electricity index, which increased for 0.2% over the last 12 months. 
e. What did you learn about the index for all items less food and energy?
Overall, it seems that the index for all items less food and energy has experienced an increase of 2.1% over the period of 12 months. However, its specific indexes show a variable trend since some experienced significant inclines (i.e., medical care: 4.7%) while others experienced a notable decline (i.e., airline fares: -10.6%). As compared to the previous indexes, it seems that this category is more varied in terms of trends, since it includes commodities from a more heterogenous group of industries. 

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