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d) [10 marks] Looking at the CPI data for December 2020 and December 2021, explain how CPI and inflation has changed over the year due

d) [10 marks] Looking at the CPI data for December 2020 and December 2021, explain how CPI and inflation has changed over the year due to COVID-19 pandemic. Explain if you observe any significant changes between December 2020 and December 2021 in the major components of CPI that you have reported above. Explain the detailed economic reasons for changes in 8 main items. Use the monthly data as well as any relevant recent news release

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