The consumer price index (CPI) is an economic indicator that is a closely watched by many stakeholders in the economy. Visit the Statistics Canada website (www.statcan.gc.ca) find data on the Consumer Price Index, Annual Average, Not Seasonally Adjusted, and its major components for Canada for the period of 2016 - 2020.

a)[2 marks] Copy and paste the data table at the end of your answer to question 2.

b)[8 marks]Calculate the inflation rate for each of the eight main items between 2019 and 2020 using the formula you have learned in the class (show and explain all your calculations).What item showed the highest rate of inflation from 2019 to 2020?What item showed the lowest rate of inflation?Why? Explain your answer. [To find the reason, search Statistics Canada's website where they post the recent CPI figures or use your own observation of the economy]

c)[5 marks]Separately calculate the inflation rate for 2 of the special aggregates between 2019 and 2020 (show and explain all your calculations). Which of the two aggregates showed the higher rate of inflation? Which item showed the lower rate of inflation? Why? Explain [The table that you have downloaded from StatCan.gc.ca should include 8 regular items and 2 special aggregates, all figures are annual]