This blog accompanies the econ101ab Principles of Economics course given at the University of Birmingham. The lecturers for both parts of the course (101a, microeconomics and 101b, macroeconomics) will occasionally post here on matters related to lecture material. We hope to show the relevance of the concepts we are teaching at each stage of the course for helping understand how the world works...
Monday, March 15, 2010
What's in Inflation?
The BBC reports on the latest changes to the basket of goods upon which inflation numbers are calculated. Lipstick is out and lip gloss is in, apparently. In order to get an idea of the cost of living some kind of representative basket of goods should be formed: A set of goods that the "average person" consumes. Of course, this must update, and the BBC comments on how that has been updated.
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