Inglés - C1.2 - How Do You Measure Inflation?

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Questions and Answers

What is the main concern for the economy when inflation occurs?

  • The decrease in consumer spending
  • The increase in interest rates
  • The decrease in government spending
  • The increase in prices (correct)

What does the Consumer Price Index (CPI) measure?

  • The price of goods only
  • The price of services only
  • The price of everything we buy (correct)
  • The price of luxury items only

What was the rate of inflation as of June 2021?

  • 5.4% (correct)
  • 4.2%
  • 6.8%
  • 3.1%

What does the Bureau of Labor Statistics track?

<p>The price of everything from rent to yoga pants (D)</p> Signup and view all the answers

How does the Bureau of Labor Statistics track prices?

<p>By tracking prices for years (D)</p> Signup and view all the answers

How has COVID-19 changed the process of tracking inflation?

<p>By making dozens of phone calls to track prices (C)</p> Signup and view all the answers

What does the CPI track besides goods?

<p>Both goods and services (C)</p> Signup and view all the answers

Why is accuracy crucial for tracking inflation?

<p>To ensure policymakers have correct information for decision-making (B)</p> Signup and view all the answers

What is the joint internship being offered by THE INDICATOR and PLANET MONEY?

<p>Fact-checking, pitching, and technical production (D)</p> Signup and view all the answers

Where can interested individuals find more information about the joint internship being offered by THE INDICATOR and PLANET MONEY?

<p>npr.org/internships (B)</p> Signup and view all the answers

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Study Notes

  • Inflation is a concern for the economy as it means prices are going up.
  • The Consumer Price Index (CPI) measures the price of everything we buy.
  • The rate of inflation as of June 2021 was 5.4%, the fastest rise since 2008.
  • The Bureau of Labor Statistics tracks the price of everything from rent to yoga pants.
  • The process involves surveys taken by thousands of households and tracking prices for years.
  • COVID-19 changed the process, and now inflation watchers make dozens of phone calls to track prices.
  • The CPI tracks services too, such as haircuts and day care.
  • Emily Mascitis and her colleagues make sure to be precise, as accuracy is crucial.
  • The 5.4% inflation rate comes down to the meticulous work of tracking prices, including a woman calling a supermarket in Philadelphia to check the price of butter.
  • The accuracy of the CPI is important for policymakers and the economy as a whole.
  • Michael is the current intern at THE INDICATOR, edited by Kate Concannon and produced by NPR.
  • THE INDICATOR and PLANET MONEY are offering a joint internship for fall and winter.
  • The internship will involve fact-checking, pitching, and technical production.
  • Interested individuals should visit npr.org/internships.

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