The Consumer Price Index (CPI) tracks the prices of consumer goods in the United States, as shown in the following table. The CPI is reported monthly, but we can look at selected values. The table shows the January CPI at five-year intervals. It indicates, for example, that the average item costing $17.90 in 1926 cost $236.92 in the year 2016.

a) Make a scatterplot showing the trend in consumer prices. Describe what you see.
b) Be an economic forecaster: Project increases in the cost of living over the next decade. Justify decisions you make in creating your model.

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Year 1916 1921 1926 1931 1936 1941 1946 1951 1956 1961 1966 JanCPI 10.4 19.0 17.9 15.9 13.8 14.1 18.2 25.4 26.8 29.8 31.8 Year 1971 1976 1981 1986 1991 1996 2001 2006 2011 2016 JanCPI 39.8 55.6 87.0 109.6 134.6 154.4 175.1 198.3 220.223 236.916