10 Questions
What is the main concern for the economy when inflation occurs?
The increase in prices
What does the Consumer Price Index (CPI) measure?
The price of everything we buy
What was the rate of inflation as of June 2021?
5.4%
What does the Bureau of Labor Statistics track?
The price of everything from rent to yoga pants
How does the Bureau of Labor Statistics track prices?
By tracking prices for years
How has COVID-19 changed the process of tracking inflation?
By making dozens of phone calls to track prices
What does the CPI track besides goods?
Both goods and services
Why is accuracy crucial for tracking inflation?
To ensure policymakers have correct information for decision-making
What is the joint internship being offered by THE INDICATOR and PLANET MONEY?
Fact-checking, pitching, and technical production
Where can interested individuals find more information about the joint internship being offered by THE INDICATOR and PLANET MONEY?
npr.org/internships
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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