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4. Consider the following CPI data: July 2012207.3 July 2013215.6 July 2014214.9 (10 marks) a.Calculate the inflation rates for the years ended July 2013 and

4.Consider the following CPI data:

July 2012207.3

July 2013215.6

July 2014214.9

(10 marks)

a.Calculate the inflation rates for the years ended July 2013 and July 2014.

(4 marks)

b.How did the inflation rate change in 2014?

(1 marks)

c.Why might these CPI numbers be biased?

(2.5 marks)

d.How can alternative price indexes avoid this bias?

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