Use the above CPI data to assist you in answering the following questions.

Month	Consumer Price Index (2002 = 100, not seasonally adjusted)
July 2021	142.3
January 2022	145.3
February 2022	146.8
March 2022	148.9
April 2022	149.8
May 2022	151.9
June 2022	152.9
July 2022	153.1

1. Estimate the year-over-year inflation rate for July 2022. (2 percent)

2. Estimate the inflation rate between January 2022 and July 2022. (2 percent)

3. Find a receipt for the grocery store or similar retailer from July 2022. Note how much you spent (including sales tax). Scan or take a photo of the total paid and upload it with the assignment. Be sure to redact any sensitive information. 4. Estimate how much it might have cost you to purchase the same basket of goods in July 2021. (4 percent)

4. Suppose that the CPI for July 2023 is expected to be 161.2. Estimate how much it will cost you in July 2023 to purchase the same basket of goods from part c. (4 percent)

5. Even if the CPI expectations are correct, why might your estimate in part d turn out to be wrong? (3 percent)