Real-Time Data Analysis Exercise The following table contains the values of two consumer price index categories from ERE

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Real Time Data Analysis Exercise The Following Table Contains The Values Of Two Consumer Price Index Categories From Ere 1 (26.51 KiB) Viewed 42 times

Real-Time Data Analysis Exercise The following table contains the values of two consumer price index categories from ERED for May, 2022 Montr May2022 Consumer Price Indexes: Selected Categories Housing 29² Housing 297.881 "Real-time data provided by Federal Reserve Economic Data (FRED), Federal Reserve Bank of Saint Louis Because the index for medical care exceeds the index for housing, it must be the case that a unit of medical care costs more than a unit of housing. This assertion is fase Suppose that prices for both housing and medical care increase by 10%. Complete the following table to show the increase that occurs in each of these indexes (Enter your responses rounded to one decimal place) Consumer Price Index increases: Selected Categories Medical Care 54.3 Medical Care 543.22 the eight categories comprising the overal CPI (the CPI for Attems) were weighted equally, the values recorded above would make equal contributions to the overall index. However, the BLS gives housing a more significant weight than medical care. More specifically, the BLS weights housing at 41.3% while medical care is weighted at only 6.6% 0 Complete the following table to show the contribution each of the increases recorded above actually makes erall CPI. (Enter your responses rounded t e decimal place) Consumer Price Index: Contributions of Selected Categories Housing Medical Care 36 The preceding analysis indicates that the overall CP and hence the economy's inflation rate will rise more sharply when prices rise rapidly in a category that carries a relatively large weight