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Question 3 In Australia, the CPI is calculated by the Australian Bureau of Statistics (ABS) and published once a quarter. To calculate the CPI, the ABS collects prices for thousands of items, which are grouped into 11 groups. Details about inflation and its measurement can be found hei. Suppose that the price of 11 group in the first two quarters of 2020 are reported as follows: Link: htt s: www.rba. ov.au education resources ex lainers inflationanditsmeasurement.htm| Item Weight (%) Mar 2020 price (5) June 2020 price (5) Housing 23 450 443 Food and non-alcoholic beverage 16 7 8 Recreation and culture 13 15 13 Transport 11 22 20 Furnishing, household equipment and service 9 25 28 Alcohol and tobacco 8 10 12 Health 5 30 33 Insurance and financial service 6 19 20 Education 4 55 52 Clothing and footwear 3 16 15 Communication 1 5 7 a) Calculate CPI inflation for June 2020 [10 marks]. b) While CPI inflation is used to monitor the overall price of the Australian economy known as "headline inflation, "underlying inflation" is also an alternative indicator. What are different between headline inflation and underlying inflation defined by ABS? [10 marks]