Select a month and year to calculate a price index for the following four items, utilizing data from the Bureau of Labor Statistics. Use January 2012 as your base period when determining your index values. The following items are in your index basket:

• 1 lb. white uncooked rice
• 1 lb. white bread
• 1 lb. chocolate chip cookies
• 1 gal. of regular unleaded gas

1. What is the cost of your basket in the base period?
2. What period did you select? What was the cost of the basket in this period?
3. What is the calculated value of the index in each period that you have researched? This will include the base period and the period that you selected.
4. What was the percentage change in the cost of your basket between the period selected and the based period (inflation/deflation rate)?