The prices of consumer goods do not always exactly follow the CPI. The following chart shows several consumer items, along with their respective prices in 1983 and today.ItemPrice in 1983 ($)Current Price ($)Shower curtain8.8515.66Floor rug71.25119.75T-shirt13.9523.99Oscillating fan22.7537.50Using the prices shown on this chart, which of the following is a reasonable estimate of the current CPI?
Add the 1983 prices: $8.85 + $71.25 + $13.95 + $22.75 = $116.80. Add the current prices: $15.66 + $119.75 + $23.99 + $37.50 = $196.90. The current price total is about 196.90 ÷ 116.80 × 100 ≈ 169% of the 1983 total, so 170 is a reasonable estimate.
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