Compare two databases dealing with CPI by major expenditure categories i.e. from the indices starting with U.S. All Items (1982-84=100) to U.S. All Other Goods and Services or from the indices related to major geograph
Develop your skills in using national databases, Excel and analysis of data. Scores will be awarded for properly formatted tables and charts (See Help in Word or Excel for presentation of tables/charts in an APA styling)
Go to www.bls.gov/cpi>CPI databases>All Urban Consumers (current series)>Top Picks. Select two items from the list and retrieve the data to your file. The two items selected must be either from the databases dealing with CPI by major expenditure categories i.e. from the indices starting with U.S. All Items (1982-84=100) to U.S. All Other Goods and Services or from the indices related to major geographical regions i.e. indices starting with New York All Items to West Region All Items.
Then retrieve and save these databases on your file.
1. Select a month (use the month of your birth) and extract data for that month for the period 2002- 2012.(My birthday is in october)
2. Using Excel plot that data in a time series graph for each of the selected item. You should end with two (2) curves, in the same chart, showing CPI for the selected month for the period 2002-2012.
3. For each item or region selected calculate the percentage change in price levels from one year to the next for the period (2002-2012). Use Excel to do the calculation. Create a Column Graph to show your finding.
4. Identify what can account for differences or similarities in the changes in price levels for the two items during the period.
Note: In Excel, Prepare your data table, highlight data table, click on Insert, click on Scatter diagram to create time series chart. Click on your chart to get Chart Tools; click on Layout tab. In Layout click on appropriate tabs to create chart title, axes labels, etc.
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