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s7/75 \( \begin{array}{l}\text { The CPI does not treat all prices equally. What } \\ \text { are the biggest components of the CPI (by } \\ \text { percentage)? }\end{array} \) Transportation, Government Spending, and Healthcare Shelter, Food, and Energy Alcohol and Cigarettes Education and Transportation

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Feb 06,2025

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The biggest components of the CPI by percentage are Shelter, Food, and Energy.

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The **Consumer Price Index (CPI)** measures the average change over time in the prices paid by urban consumers for a **market basket of consumer goods and services**. It does **not treat all prices equally**, assigning different weights to various components based on their significance in typical consumer spending. **The biggest components of the CPI by percentage are:** ### **Shelter, Food, and Energy** 1. **Shelter**: This is typically the largest component of the CPI, encompassing rent, owners' equivalent rent, and other housing-related expenses. 2. **Food and Beverages**: This category includes both groceries and dining out, representing a significant portion of consumer expenses. 3. **Energy**: This includes fuel, gasoline, and other energy-related costs, which can be quite volatile and significantly impact the CPI. These three components together make up a substantial part of the CPI, reflecting their importance in household budgets. **Correct Answer:** Shelter, Food, and Energy

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Bonus Knowledge

The biggest components of the Consumer Price Index (CPI) are Shelter, Food, and Energy. Shelter alone accounts for a significant portion, often around 30%, as it includes rents and home prices. Food and energy also play crucial roles, reflecting the everyday costs that consumers face, making them essential in measuring inflation and living standards. When looking at the CPI, remember that not all components have the same weight. For example, while healthcare and education are important, their percentage contributions to overall CPI are smaller compared to shelter and food. This means fluctuations in housing and food prices can greatly influence overall inflation rates, potentially leading to misleading interpretations if viewed in isolation.

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