Jan 08, 2022

Question of the Day: Which item saw the sharpest increase in prices in last 12 months: Gasoline, Bacon or Eggs?

Answer (from Visual Capitalist): 

Questions: 

  • Have you noticed inflation (the increases in prices) in items that you or your family purchase in your own lives?
  • Which of the items above do you think consumers will buy less? Which of the items do you think they will not change their behavior despite the price increases? 
  • Pick one of the items from the list and come up with a substitute that a consumer might choose.

Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom.

Behind the numbers (Visual Capitalist):

Consumers are reeling as prices at the gas pump are up more than a dollar per gallon over the previous year.

Simply put, rising demand and constrained global supply are resulting in higher prices. Even as prices have risen, U.S. oil production has seen a slow rebound from the pandemic, as American oil companies are wary of oversupplying the market.

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On the topic of inflation, NGPF has a NEW! contest for your class to participate in. Guess the CPI for the 12 months ending December 2021 and the class could win a $100 Amazon gift card. Contest entries must be received by 8:29am ET on Wednesday, January 12th. Contest details here. 

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Ever wonder how the Bureau of Labor Statistics calculates the CPI? The answer might amaze you. Listen to this brief Indicator from Planet Money podcast to learn more. 

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About the Author

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.

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