The price of first class postage stamp

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In 1974, the price of a first class postage stamp was 10 cents, a loaf of bread averaged 28 cents, gasoline was 53 cents per gallon, and the average price of a new car was $3500. In 2014, the postage stamp was 49 cents, a loaf of bread was $2.46, gasoline averaged $3.36 per gallon, and the average new card cost $32,531. From this statement, it follows that consumers today are worse off than consumers in 1975. Is this true? explain your answer.

Reference no: EM131196463

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