Looking at the CPI data for March 2021 and March 2022 (this is a new table for monthly data for the time period mentioned), explain how CPI and inflation has changed over the year. Explain if you observe any significant changes during this period 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. Download and attach the table as well.

Question 2 Copy the data from the table website Geograph Canada (map) Products and product groups4 2017 2018 2019 2020 2021 2002=100 All-items 130.4 133.4 136.0 137.0 141.6 Food5 142.7 145.3 150.2 153.7 157.5 Shelter6 138.1 140.9 144.5 147.0 152.7 Househ 121.9 123.2 123.6 123.8 125.2 old operatio ns, furnishi ngs and equipm ent Clothin 93.7 94.5 96.1 94.4 94.1 g and footwea Transpo 132.9 139.1 141.5 141.2 151.4 rtation Gaso 161.2 181.5 170.5 146.7 192.4 line Health 124.3 125.9 127.4 129.2 132.6 and persona I care Recreati 114.0 115.3 116.8 115.7 117.9 on, education and reading Alcoholi 161.1 167.9 171.1 171.9 175.0 beverag es, tobacco product s and recreati onal cannabi All-items 125.5 127.9 130.5 132.0 135.1 excludin g food and energyz All-items 128.5 131.0 134.0 135.8 139.0 excludin g energyz Energyz 152.7 162.9 159.3 147.2 175.0 Goods8 118.9 121.1 122.7 122.5 128.3 Service 142.0 145.8 149.2 151.3 154.8 $9 Calculate the inflation rate for each of the eight main items between 2020 and 2021 using the formula you have learned in the class (show and explain all your calculations). Which item showed the highest rate of inflation from 2020 to 2021? Which item showed the lowest rate of inflation? Why? Explain your answer. [To find the reason, search Statistics Canada's website where they post the recent CPI figures or use your own observations]