The Consumer Price Index is reported monthly by the U.S. Bureau of Labor Statistics. It reports the change in prices for a market basket of goods from one period to another. The index for 2003 was 203.1. By 2013, it increased to 243.100. What was the geometric mean annual increase for the period? (Round your answer to 2 decimal places.)
Added by Rodrigo G.
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This is done by dividing the final index by the initial index: 243.100 / 203.1 = 1.197 This means that the total increase over the 10-year period was 19.7%. Show more…
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