Here are the actual per-gallon prices for unleaded regular gasoline for June of each year between 1978
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Here are the actual per-gallon prices for unleaded regular gasoline for June of each year between 1978 and 1986, together with the values of the CPIs for those years. For each year from 1979 to 1986, find the CPI inflation rate and the change in the relative price of gasoline, both from the previous year. Would it be fair to say that most of the changes in gas prices during this period were due to general inflation, or were factors specific to the oil market playing a role as well? LO1, LO4
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