Use FRED to calculate the rate of inflation using the CPI for all Urban Consumers (CPIAUCSL.) Change the time period to start in 1979. Report the highest rate of inflation you find in each of the last four decades as well as our current one (1980's, 1990s, 2000s, 2010s, and 2020s.) You don't need to provide any explanation, just state the month and year it was highest along with the rate of inflation in that month

Use FRED to calculate the rate of inflation using the CPI for all Urban Consumers (CPIAUCSL.) Change the time period to start in 1979. Report the highest rate of inflation you find in each of the last four decades as well as our current one (1980's, 1990s, 2000s, 2010s, and 2020s.) You don't need to provide any explanation, just state the month and year it was highest along with the rate of inflation in that month

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter22: Inflation

Section: Chapter Questions

Problem 34P: The total price of purchasing a basket of goods in the United Kingdom over four years is: year...

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Similar questions

Describe a situation, either a government policy situation, an economic problem, or a private sector situation, where using the GDP deflator to convert from nominal to real would be more appropriate than using the CPI.
How to Measure Changes in the Cost of Living introduced a number of different price indices. Which price index would be best to use to adjust your paycheck for inflation?
Describe a situation, either a government policy situation, an economic problem, or a private sector situation, where using the CPI to convert from nominal to real would be more appropriate man using the GDP deflate:
The total price of purchasing a basket of goods in the United Kingdom over four years is: year 1=940, year 2=970, year 3=1000, and year 4=1070. Calculate two price indices, one using year 1 as the base year (set equal to 100) and the other using year 4 as the base year (set equal to 100). Then, calculate the inflation rate based on the first price index. If you had used the other price index, would you get a different inflation rate? If you are unsure, do the calculation and find out.
Inflation rates, like most statistics, are imperfect measures. Can you identify some ways that the inflation rate for fruit does not perfectly capture the rising price of fruit?