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CHOSEN PRODUCT: COFFEE
Purpose of Assignment
This
assignment will introduce students to the U.S. Department of Labor’s Bureau of
Labor Statistics (BLS) data and provide students with the skills to calculate
inflation and interpret the Consumer Price Index (CPI).Note: The BLS is the primary
source of information on inflation, but their data is re-posted in other
sources, such as the St. Louis Federal Reserve FRED site, among others.
Assignment Steps
Use an internet search
to locate information on the Consumer Price Index (CPI). Internet sites you
might find useful include the Bureau of Labor Statistics (BLS) and the Federal
Reserve of St. Louis FRED web site although you are allowed to use other
sources.
Developa minimum 700-word
analysis of inflation by including the following:
·
Choose a product or service you currently
consume/use, such as apparel or educational services, that is included in the
CPI’s “market basket.” Find the annual CPI index numbers for
your chosen good or service for the years 1995, 2005, 2010, and 2015.
Enter those index numbers in an Excel® file and calculate the
percent change (inflation rates) in those index numbers from 1995 to 2005, from
1995 to 2010, and from 1995 to 2015.
·
Analyze the trends in overall inflation
over the last five years and whether your income has kept pace with
inflation. How has inflation over the last five years affected you and/or
your family?
·
Discuss how a business manager, such as a
human resources manager, might use CPI statistics.
·
CHOSEN PRODUCT: COFFEE
Citea minimum ofthreescholarly, peer-reviewed
references.
Formatyour paper consistent
with APA guidelines.
