ECONOMICS
AGGREGATE SUPPLY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Yes, I understand this from the notes
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No, I don’t understand this from the notes
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No, I don’t understand this, as I have not read the notes
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None of the above
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Detailed explanation-1: -The Consumer Prices Index (CPI) rose by 10.1% in the 12 months to January 2023, down from 10.5% in December 2022. On a monthly basis, CPI fell by 0.6% in January 2023, compared with a fall of 0.1% in January 2022.
Detailed explanation-2: -How inflation is measured. Each month, the Office for National Statistics (ONS) Opens in a new window collect around 180, 000 prices of about 700 items. They use this ‘shopping basket’ to work out the Consumer Prices Index (CPI). CPI is the measure of inflation we target.
Detailed explanation-3: -A consumer price index (CPI) measures changes in the prices of goods and services that households consume. Such changes affect the real purchasing power of con-sumers’ incomes and their welfare.
Detailed explanation-4: -UK Retail Price Index is at a current level of 360.30, down from 360.40 last month and up from 317.70 one year ago. This is a change of-0.03% from last month and 13.41% from one year ago.
