Question

The reference base period for the CPI is​ 1982-1984. In May ​2017, the CPI was 244.7. Complete the sentence. This CPI in May 2017 tells us that the​ ______ of the prices paid by urban consumers for a fixed basket of consumer goods and services was​ ______ .

Answer 1

1. average;

2. 144.7 percent higher in May 2017 than the average of​ 1982-1984

Step-by-step explanation:

Given the reference base period for the CPI is​ 1982-1984. And then, considering that in May ​2017, the CPI was 244.7.

Then completing the following statement goes thus:

The Cost Price Index, often shortened as CPI, in May 2017 tells us that the​ AVERAGE of the prices paid by urban consumers for a fixed basket of consumer goods and services was​ "144.7 percent higher in May 2017 than the average of​ 1982-1984."