Macroeconomics: Jan 2022 data worksheet 1. The table below presents information from the January 2022 CPI report. Consumer Price Index for All Urban Consumers (CPI-U): U.S. city average Level January 2021 261.582 December 2021 278.802 January 2022 281.149 Calculate the one-month inflation rate for Dec 2021 to Jan 2022 and the 12-month inflation rate from Jan 2021 to Jan 2022. 42 month inflation 281.149-261.582 261.582 -100% = 7.48 275% one month inflation 0.8% how? one month +278.802-261-582 -100% = 261.582 2. The table below provides selected detail from Establishment Survey in the January Employ- ment Situation Report. % Change Average Hourly Earnings Industry Jan 2021 Dec 2021 Jan 2022 Dec 2021 Jan 2021- Jan 2022 Jan 2022 Total Private $25.18 $26.75 $26.92 Goods-Producing 25.88 27.15 27.27 Service-Providing 25.03 26.67 26.85 Complete the table by calculating the percentage change in nominal wages from Dec 2021-Jan 2022, and from Jan 2021 Jan 2022. Whose wages increased the most, workers in goods- producing industries or workers in service industries? Based on your inflation calculations above, what happened to real wages? Dec 2021-Jan 2022 = 6.9% Real Wage = W Goods 5.4% RW.G= -2.1% Services -7.3% Jan 2021 Jan 2022 = P "=-0.2% % Real Wage = % AW - % 6.9-7.5=-0.6% 3. The table below provides selected detail from the CPI report. Weighted % Change Level Dec 2021- Jan 2021 Item Food Weight Jan 2021 Dec 2021 Jan 2022 Jan 2022 Jan 2022 0.134 270.938 286.966 289.772 Energy 0.073 205.273 256.207 260.653 Shelter 0.329 328.282 341.241 342.604 New Vehicles 0.041 149.377 166.653 167.582 Used Cars & Trucks 0.041 149.659 207.164 210.293 *Note: the weight of all items in the CPI sums to 1. Not all items are included in this table. Which items seem to have contributed the most to the overall change in the CPI in the last month? In the last year? Jhelter