Why is a hypothetical basket of goods used to measure inflation?
According to the U.S. Bureau of Labor Statistics, prices for apples are 4,561.18% higher in 2024 versus 1939 (a $59.75 difference in value). The current national average price is $1.31 for “Apples, Red Delicious, per lb. (453.6 gm)”. This data is collected by a national survey and can vary from region to region. Between 1939 … Read more