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Suppose our current nominal wage is $12 per hour, and the current CPI is 110. Our labour unions are currently negotiating with the firms for

Suppose our current nominal wage is $12 per hour, and the current CPI is 110. Our labour unions are currently negotiating with the firms for a new nominal wage for next year. Our unions want us to be able to afford the same goods and services that we typically buy. If we agree to a new nominal wage of $19 per hour, this implies we believe the CPI for next year to be

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