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The CPI is used to measure the cost of a typical basket of goods. The typical household in the nation of Jaskson buys 8 loaves

The CPI is used to measure the cost of a typical basket of goods. The typical household in the nation of Jaskson buys 8 loaves of bread, 2pounds of cream cheese, and 6 books each week. The prices of these goods in years 2018-2019 are given the table below.

  • Calculate the CPI in 2019, using 2018 as the base year (or 2018 as 100).

2018

2019

Price of a loaf of bread

$2

$2.50

Price of a lb of cream cheese

$4

$4.25

Price of a book

$6

$6.5

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