The Consumer Price Index (CPI) is a series of price indices calculated by the U.S. Bureau of Labor Statistics (BLS) per month. Suppose we know the average CPI was 259 in December 2019. After years, the average CPI jumped up to 309 in December 2023. Suppose a gallon gasoline costs $2.55 in December 2019. Then, how much is the cost ($/gallon) equivalent to the dollar value in December 2023.

Answer rating: 100% (QA)

To find the equivalent cost of a gallon of gasoline in December 2023 we can use the CPI to adjust ... View the full answer