Inflation
From the Integrating Mathematical Problem Solving project by Mathematics in Education and Industry (MEI), this activity for post-16 students shows how regular sampling of a variety of prices is used to get a measure of inflation. There is more than one possible way to do this. A measure of inflation is used to update pensions and benefits. Modelling helps decision making. The mathematical ideas covered are
• Index numbers
• Weighted averages
• Statistical sampling
• Percentage change
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Downloads
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Measuring inflaton teacher notes 66.28 KB
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Retail price index 1.32 MB
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CPI monthly 29 KB
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CPI with inflation 34.5 KB
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Index linking 276.5 KB
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RPI and CPI inflation 23.04 KB
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Pensions 11.61 KB
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RPI inflation 102 KB