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5. Inflation review Use the following data from BLS.gov to answer the questions. Consumer Price Index - All Urban Consumers Original Data Value Series Id:

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5. Inflation review Use the following data from BLS.gov to answer the questions. Consumer Price Index - All Urban Consumers Original Data Value Series Id: CUSROOOOSAO Seasonally Adjusted Area: U.S. city average Item: All items Base Period: 1982-84-100 Years: 2006 to 2016 Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2006 1993 1994 199.7 2007 2013 201.8 2029 203.8 202.8 2019 2020 2031 2007 203.4 2042 2053 2059 2068 2072 2076 2077 208.5 209 2 210.8 2114 2008 2122 2127 2134 213.9 2152 2175 219.0 218.7 2189 2170 2132 211.4 2009 2119 2127 2125 2127 2130 2148 2147 2154 215.9 216.5 217 2 2173 2010 2175 2173 2174 2174 2173 2172 2176 2179 218.3 219.0 2196 2205 2011 221.22219 2230 2241 2248 224 8 225.4 226 1 2266 2268 2272 2272 2012 227.9 2284 228.9 229.3 228.7 228.5 2285 229.8 2310 231.7 231.3 231.3 2013 231.6 2330 232.3 231.9 231.9 2324 232.7 2332 233 6 233.8 234.2 234.8 2014 2354 2356 235,9 236 5 2368 2370 2373 237 2 2375 257.7 2373 236.5 2015 2350 235.4 235.9 236 2 236.9 237 4 2377 2377 2375 2379 238.3 2380 2016 238.1 237.7 237.9 238.9 239.4 239.9 239.8 240.3 241.0 241.9 242 3 2430 a Calculate the inflation rate from Jan. 2016 to February 2016 b. Interpret the inflation rate, (i.e., what does this mean about prices?). Calculate the inflation rate from April 2008 to May 2008 and then from May 2008 to June 2008. What happened to prices from April to May 2008? d. What happened to prices from May to June 2008? e. Compare the April to May 2008 inflation rate with the May to June 2008 inflation rate? What can you say about the change in prices in these months? C

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