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Adjusted for Inationl the Federal Minimum Wage is Worth Less than 50 Years Age The federal minimum wage was raised to $7.25 an hour from $6.55 nearly seven years ago. Despite periodic increases, its buying power hasn't kept up with ination. In 1968, the federal minimum was equivalent to $10.90 in 2015 dollars, nearly $4 higher than today's rate. Source: CNN, July 25, 2012 Given the additional information that in 1968 the federal minimum wage was $1.60 an hour, by what percentage did the CPI increase between 1968 and 2015? The CPI increased by :l percent between 1968 and 2015. >>> Answer with a whole number. Hardworking Americans Should Not Be Living in Poverty The federal minimum wage has remained frozen for the past three years at $7.25 an hour, while the prices of gas and milk have risen steadily. Over this three-year period. the real value of the minimum wage has fallen to $6.77 per hour. Source: CNN, July 25, 2012 By what percentage did the CPI increase over these three years? The CPI increased by I: percent over these three years. >>> Answer to 1 decimal place. Real-Time Data Analysis Exercise* Nominal Wage Rate and the CPI The table provides information about the money wage rate and the CPI in the Wage rate CPI United States for the past five years. Month - year (dollars per hour) (1982-1984 = 100) Feb, 2017 30.59 243.9 In February 2021, the nominal wage rate was $ per hour. Feb, 2018 31.44 249.3 >>> Answer to the nearest 2 decimal places. Feb, 2019 32.88 253.0 Feb, 2020 34.02 258.8 Feb, 2021 35.73 263.2 *Real-time data provided by Federal Reserve Economic Data (FRED), Federal Reserve Bank of Saint Louis