Please identify whether the following statements related to inflation are True or False.

Statement 1. Gerald is a good friend and loaned Monica $1,000. At the end of the year Monica paid back $1,030. So besides paying the loan in full, Monica included $30 for interest. Assume the inflation rate for the year was 3%, in this case Gerald actually lost purchasing power by making this loan.

Statement 2. The Bureau of Economic Analysis (BEA) collects data each month on the price of a market basket of goods. The information is also released on a monthly basis.

Statement 3. Jessica just signed her lease for 2 years. She will be paying $1200 per month. Because inflation has been increasing over the last months, this is a bad deal for her.

Statement 4. Not all consumers experience the same inflation rate because not everyone buys the same market basket.