Respuesta :
The percent increase in the CPI between these two years is 3.859%.
What is Consumer price index (CPI)?
A Consumer Price Index (CPI) tracks the monthly variation in the prices paid by consumers in the United States. The CPI is calculated by Bureau of Labor Statistics (BLS) as just a weighted average of prices for just a basket of products and services typical of total U.S. consumer spending.
Some key features regarding Consumer price index are
- The widely mentioned CPI is based on an index that covers 93% of a U.S. population, whereas a comparable index that covers wage earners or clerical workers is used to modify federal benefits for cost-of-living adjustments.
- The CPI is calculated using approximately 94,000 price quotes received monthly from around 23,000 service and retail companies and 43,000 rental dwelling units.
- Housing rentals are being used to estimate changes in shelter costs, which include owner-occupied housing, which accounts for almost one-third of the CPI.
According to the question;
CPI for Year 2019 = 207.3
CPI for Year 2020 = 215.3
Year 2016 (215.3) - Year 2015 (207.3) = 8
If 207.3 is the total 100%
Then,
(8 x 100)/207.3 = 3.859%
Therefore, the percent increase in the CPI between these two years is 3.859%.
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