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The standard basket of goods and services that's being used by the BLS to track changes in consumer prices consists of 80,000 items (broken down
The standard basket of goods and services that's being used by the BLS to track changes in consumer prices consists of 80,000 items (broken down into different categories). Some items in the basket are getting more expensive, some are getting cheaper. You may wonder whether the officially reported rate of inflation (6.5% currently) is reflecting your own consumer experience. (You may only purchase some of the categories within the basket, so your own "rate of inflation" may not be the same as the official rate.) The following article published by the Wall Street Journal includes a personal inflation tracker: https://www.wsj.com/articles/inflation-tracker-cpi-data-prices-11657717467? reflink=integratedwebview_shareLinks to an external site. You can play with the inflation tracker and think about how prices have changed for you personally. Given what we have learned about the consumer price index and inflation, as well as what you know about your "personal price index", please discuss the following: What do you think caused the recent changes in consumer prices? Do you think inflation affects everyone the same way? How do you think inflation may change in the future, and why
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