Respuesta :
CPI was 38.8 in 1970 and 163.0 in 1998. If the real value of 1970 gallons of milk in 1998 US dollars is $0.70, what was the nominal price of milk in 1970? 38.8 ($0.70)/163 = $0.17. The nominal price of milk in 1998 was $2.25, while the CPI was 163.0 for that year.
The Consumer Price Index (CPI) is a measure of the average change in prices paid by city consumers for a basket of consumer goods and services over time. Indexes are available in the US and various regions.
CPI is at 10.1%, its highest level since March 1982. That's a stark increase from the OBR's October 2021 forecast that inflation would peak at 4.4% in April 2022. Inflation has increased due to rising costs associated with Gas and electricity.
Inflation is an increase in the general price level. The official inflation rate is tracked by calculating changes in an indicator called the Consumer Price Index (CPI). CPI tracks changes in the cost of living over time. Like other economic measures, it's doing a pretty good job.
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