Download the labour force statistic for Australia from the ABS website here. Use the data to answer the following questions only. You do not have to analyze the data. Show proof when you make arguments using the data you explore here(Price indexes and inflation | Australian Bureau of Statistics (abs.gov.au)). 

1. Obtain data for CPI index from Sept 1949 i.e. Q3 1949. Plot the CPI based inflation for Australia since Q3 1949. Is there evidence of a falling inflation over the long term? Why do you think this is true? If yes, are we richer than our great grandparents? Can you extend a counter-argument and reason it with the same data? 

2. Let us break this aggregate CPI down into its component parts to understand which are the commodity blocks which are causing inflation. You have access to monthly inflation since Sept 2017 for all components of CPI. Plot a comparison of the CPI inflation for these categories for Sept 2020, 2021 and 2022: (a) All, (b) Food and non alcoholic beverages, 

(c) Meat and seafoods, (d) Fruits and vegetables, (e) Al cohol and Tobaco, (f) Clothing and footwear, (g) Rents (h) New dwelling purchase by owner-occupier, (i) Health, (j) Transport, (k) Holiday travel and accommoda tion, (l) Education, (m) Insurance and financial services. Provide three insights which according to you explain the recent inflation episode based on the component inflation.