A) Inflation is the steady and widespread increase in prices. The inflation rate, measured by CPI, rose .1% in May (since April) and rose a total of 4% year-over-year (May 2022 to May 2023). Read the BLS report on the Consumer Price Index and identify an “item” or “all items” and begin to consider why the price increased. Do a news search or using (clear, logical, rational) reasoning explain whether prices are increasing because demand increased or because supply decreased. Graph and explain your answer
A) Inflation is the steady and widespread increase in prices. The inflation rate, measured by CPI, rose .1% in May (since April) and rose a total of 4% year-over-year (May 2022 to May 2023). Read the BLS report on the Consumer Price Index and identify an “item” or “all items” and begin to consider why the price increased. Do a news search or using (clear, logical, rational) reasoning explain whether prices are increasing because demand increased or because supply decreased. Graph and explain your answer
Chapter7: Inflation
Section: Chapter Questions
Problem 7SQ
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A) Inflation is the steady and widespread increase in prices. The inflation rate, measured by CPI,
rose .1% in May (since April) and rose a total of 4% year-over-year (May 2022 to May 2023). Read
the BLS report on the
consider why the price increased. Do a news search or using (clear, logical, rational) reasoning
explain whether prices are increasing because demand increased or because supply decreased.
Graph and explain your answer
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