1. a) Find quarterly data from the ABS over the period March 2003 to March 2023 for the weighted averages over the eight capital cities of Australia of the following six sub-groups of the CPI: Food and non-alcoholic beverages, Clothing and footwear, Rents, Electricity, Health, Tertiary education. Find the index number for each of the sub-groups and calculate the cumulative percentage change in prices for each sub-group over those 20 years. Also calculate the annual rate of change in the CPI over that period that would compound to give those cumulative changes. (Explain your calculations which may be done in Excel.) Present your findings in the form of a table showing the figures to 1 decimal place, and comment briefly on the differences you find.
2. Graphically compare the quarterly rates of inflation of the weighted averages of the sub-groups of the CPI in (a), but just for the period March 2018 to March 2023, and comment on differences in magnitude and volatility.