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Table 1.2 gives data on the Consumer Price Index (CPI) for seven industri- alized countries with 1982-1984 = 100 as the base of the index.
a. From the given data, compute the in?ation rate for each country.16
b. Plot the in?ation rate for each country against time (i.e., use the hori- zontal axis for time and the vertical axis for the in?ation rate.)
c. What broad conclusions can you draw about the in?ation experience in the seven countries?
d. Which country's in?ation rate seems to be most variable? Can you offer any explanation?
TABLE 1.2 CPI IN SEVEN INDUSTRIAL COUNTRIES, 1973-1997 (1982-1984 = 100)
Year
Canada
France
Germany
Italy
Japan
U.K.
U.S.
1973
40.80000
34.60000
62.80000
20.60000
47.90000
27.90000
44.40000
1974
45.20000
39.30000
67.10000
24.60000
59.00000
32.30000
49.30000
1975
50.10000
43.90000
71.10000
28.80000
65.90000
40.20000
53.80000
1976
53.90000
48.10000
74.20000
33.60000
72.20000
46.80000
56.90000
1977
58.10000
52.70000
76.90000
40.10000
78.10000
54.20000
60.60000
1978
63.30000
57.50000
79.00000
45.10000
81.40000
58.70000
65.20000
1979
69.20000
63.60000
82.20000
52.10000
84.40000
66.60000
72.60000
1980
76.10000
72.30000
86.70000
63.20000
90.90000
78.50000
82.40000
1981
85.60000
81.90000
92.20000
75.40000
95.30000
87.90000
1982
94.90000
91.70000
97.10000
87.70000
98.10000
95.40000
96.50000
1983
100.4000
100.3000
100.8000
99.80000
99.60000
1984
104.7000
108.1000
102.7000
111.5000
102.1000
104.8000
103.9000
1985
109.0000
114.4000
121.1000
104.1000
111.1000
107.6000
1986
113.5000
117.3000
128.5000
114.9000
109.6000
1987
118.4000
104.9000
134.4000
119.7000
113.6000
1988
123.2000
124.4000
106.3000
141.1000
105.6000
125.6000
118.3000
1989
129.3000
128.7000
109.2000
150.4000
135.3000
124.0000
1990
135.5000
133.0000
112.2000
159.6000
111.4000
148.2000
130.7000
1991
143.1000
137.2000
116.3000
169.8000
115.0000
156.9000
136.2000
1992
145.3000
140.5000
122.1000
178.8000
116.9000
162.7000
140.3000
1993
147.9000
143.5000
127.6000
186.4000
165.3000
144.5000
1994
145.8000
131.1000
193.7000
119.3000
169.4000
1995
151.4000
148.4000
133.5000
204.1000
119.1000
175.1000
152.4000
1996
153.8000
212.0000
179.4000
1997
156.3000
153.2000
137.8000
215.7000
121.3000
185.0000
160.5000
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