This question requires a little algebra. The BLS reported that the CPI increased by 8.2% between August 2021 and August 2022. It also reports that the price of gasoline increased by 25.6% over the same period. What was the percentage increase in price for the rest of the market basket, excluding gasoline, over this period? Answer as a percent, rounded to one digit after the decimal point (you don't need a percent sign). To answer this question you need to know how much of consumer expenditures, on average, went to gasoline at the beginning of the period. You can take that percentage to be 3.75%.

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01-10-2022
Business

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This question requires a little algebra. The BLS reported that the CPI increased by 8.2% between August 2021 and August 2022. It also reports that the price of gasoline increased by 25.6% over the same period. What was the percentage increase in price for the rest of the market basket, excluding gasoline, over this period? Answer as a percent, rounded to one digit after the decimal point (you don't need a percent sign). To answer this question you need to know how much of consumer expenditures, on average, went to gasoline at the beginning of the period. You can take that percentage to be 3.75%.

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