Looking at the CPI data for December 2022 and December 2023, explain how CPI and inflation...

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Looking at the CPI data for December 2022 and December 2023, explain how CPI and inflation has changed over the year. Explain if you observe any significant changes between December 2022 and December 2023 in the major c omponents of CPI that you have reported above. Explain the detailed economic reasons for changes in 8 main items. Use the monthly data as well as any relevant recent news release. Note: CPI statistics are released monthly. Reference: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1810000413 https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1810000501 Geography Products and product groups , 4 December 2022 November 2023 All-items Food 5 Shelter Canada (map) November 2023 December 2023 to December 2023 December 2022 to December 2023 2002=100 153.1 158.8 158.3 -0.3 3.4 177.9 186.2 186.8 0.3 5.0 167.8 177.1 177.8 0.4 6.0 Household operations, 131.9 130.9 129.7 -0.9 -1.7 furnishings and equipment Clothing and 94.8 97.9 95.7 -2.2 0.9 footwear 60 Transportation 164.2 168.5 169.5 0.6 3.2 Health and personal 141.5 147.4 146.7 -0.5 3.7 care Recreation, education and 121.7 128.1 123.8 -3.4 1.7 reading Alcoholic beverages, tobacco products 184.2 193.0 192.1 -0.5 4.3 and recreational cannabis All-items excluding 148.5 153.8 153.1 -0.5 3.1 food All-items excluding food and energy 144.0 149.3 148.9 -0.3 3.4 All-items excluding alcoholic beverages, tobacco products and 152.1 157.7 157.2 -0.3 3.4 smokers' supplies and recreational cannabis All-items excluding energyz 149.7 155.5 155.2 -0.2 3.7 All-items excluding 151.0 156.6 156.3 -0.2 3.5 gasoline Energy 197.7 202.3 197.0 -2.6 -0.4 Goods 139.8 144.2 143.1 -0.8 2.4 Durable goods 102.8 104.5 104.2 -0.3 1.4 Semi-durable 101.4 104.9 103.4 -1.4 2.0 goods Non-durable goods 173.9 180.5 179.1 -0.8 3.0 Services 166.0 173.1 173.1 0.0 4.3 Looking at the CPI data for December 2022 and December 2023, explain how CPI and inflation has changed over the year. Explain if you observe any significant changes between December 2022 and December 2023 in the major c omponents of CPI that you have reported above. Explain the detailed economic reasons for changes in 8 main items. Use the monthly data as well as any relevant recent news release. Note: CPI statistics are released monthly. Reference: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1810000413 https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1810000501 Geography Products and product groups , 4 December 2022 November 2023 All-items Food 5 Shelter Canada (map) November 2023 December 2023 to December 2023 December 2022 to December 2023 2002=100 153.1 158.8 158.3 -0.3 3.4 177.9 186.2 186.8 0.3 5.0 167.8 177.1 177.8 0.4 6.0 Household operations, 131.9 130.9 129.7 -0.9 -1.7 furnishings and equipment Clothing and 94.8 97.9 95.7 -2.2 0.9 footwear 60 Transportation 164.2 168.5 169.5 0.6 3.2 Health and personal 141.5 147.4 146.7 -0.5 3.7 care Recreation, education and 121.7 128.1 123.8 -3.4 1.7 reading Alcoholic beverages, tobacco products 184.2 193.0 192.1 -0.5 4.3 and recreational cannabis All-items excluding 148.5 153.8 153.1 -0.5 3.1 food All-items excluding food and energy 144.0 149.3 148.9 -0.3 3.4 All-items excluding alcoholic beverages, tobacco products and 152.1 157.7 157.2 -0.3 3.4 smokers' supplies and recreational cannabis All-items excluding energyz 149.7 155.5 155.2 -0.2 3.7 All-items excluding 151.0 156.6 156.3 -0.2 3.5 gasoline Energy 197.7 202.3 197.0 -2.6 -0.4 Goods 139.8 144.2 143.1 -0.8 2.4 Durable goods 102.8 104.5 104.2 -0.3 1.4 Semi-durable 101.4 104.9 103.4 -1.4 2.0 goods Non-durable goods 173.9 180.5 179.1 -0.8 3.0 Services 166.0 173.1 173.1 0.0 4.3