Inflation Index Assignment
Instructions
You will research a list of items most commonly used in your daily life. You will then complete a short assessment on the items and information found using the template provided below.
In tabular form, submit a list of 20 items you most commonly use and purchase, including a variety of items related to food, clothing, cleaning supplies, electronics, automobiles, gasoline, hygiene, education, and daily fun. List the items in 5 columns as outlined below.
Template:
Item
Description
Price Today
Price the Year You Were Born (1995)
Calculated Inflation Rate
(Earlier price ÷ current price minus earlier price)
You will need to locate advertisements or other evidence of the price of each item for the year in which you were born (During 1995). (Some items may not have been invented-such as a smart phone-but consider an alternative such as cellular phone, land line, long distance service, and a computer-not to mention a flashlight, calendar, games, etc.) You MUST list in the bibliography where you located the current and previous prices for each item. Some items may share the same citation.
Then, examine the inflation rates for the items.
1. Which items increased suffered inflation?
2. Which items became cheaper? Account for the unit volume or quantity of items. Which items are less per unit or quality today? For example, a computer may cost more today, but you get over ten times the power and memory that you did 20 years ago.
3. For those items that are more expensive, explain the reasons for the increase. Take into account all economic and monetary variables you can.
4. For those items that are less expensive today, explain the reasons for the decrease. Take into account all economic, political, and monetary variables that you can.
Altogether, your explanations must total around 500 words.