The U S Bureau of Labor Statistics produces consumer price indexes
The U.S. Bureau of Labor Statistics produces consumer price indexes for several different categories. Shown here are the percentage changes in consumer price indexes over a period of 20 years for food, shelter, apparel, and fuel oil. Also displayed are the percentage changes in consumer price indexes for all commodities.
Use these data and a stepwise regression procedure to develop a model that attempts to predict all commodities by the other four variables. Construct scatter plots of each of these variables with all commodities. Examine the graphs in light of Tukey’s four-quadrant approach. Develop any other appropriate predictor variables by recoding data and include them in the analysis. Comment on the result of thisanalysis.
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