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Looking at the CPI data for December 2022 and December 2023, explain how CPI and inflation has changed over the year. Explain if you observe

Looking at the CPI data for December 2022 and December 2023, explain how CPI and inflation has changed over the year. Explain if you observe any significant changes between December 2022 and December 2023 in the major components of CPI that you have reported above. Write the detailed economic reasons for changes in 8 main items. Use the monthly data as well as any relevant recent news release. Note: CPI statistics are released monthly.

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