UPDATE (1/12/22): The CPI for the 12 month period ending December 2021 was announced this morning by the Bureau of Labor Statistics and came in at....7%! Details here.

Congratulations to our three winners this month who estimated the exact number:

• Diana Garza, a Business and Money Matters teacher at Earl Warren High School (San Antonio, TX): 6th period class
• Pan Zunggeemoge, an Economics Teacher at Learn4Life (Gardena, CA)
• Allison Gossick, a Personal Finance teacher at Blue Valley North High School (Overland Park, KS): Hour 3 Class

Each class will be receiving a $100 Amazon gift card for their efforts.

Thanks to all the class who participated! 

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Our Monthly Jobs Contest garnered much interest from teachers across the country. Given the interest in inflation, we are offering a similar opportunity with the Consumer Price Index (CPI). 

The CPI is an important economic indicator used to compare current levels of inflation to previous years. Similar to the jobs report, it is released during the second or third week of each month at 8:30 AM ET. Since we are experiencing record levels of inflation when compared to 2020, we think it’s timely and important for students to understand how these often-cited figures impact our daily lives. The 12 month CPI for the period ending November 2021 was 6.8%, its steepest rise since 1982.

To provide teachers and students with resources that will arm them with the tools needed to have an informed discussion about inflation and the CPI, NGPF has suggested the following resources to use in the classroom, one if which was created BRAND NEW and added to NGPF’s Econ Collection just in time for this contest:

• FinCap Friday: Pain in the Supply Chain
• ECON: Shrinkflation
• NEW!: ECON: What is the Consumer Price Index (CPI)?

So now is your chance! What will the CPI look like for the 12 month period ending December 2021 after November’s 6.8% increase? Discuss with your classroom and submit your guess before the CPI is announced on January 12 at 8:30 AM ET.

Contest details: 

1. Have your class research the importance of inflation and the CPI.
2. Have your class come up with ONE estimate for the CPI for the 12 month period ending December 2021, rounded to the nearest tenth of a percent (example: 5.1%).
3. COMPLETE THIS FORM before 8:30am ET on January 12 to be eligible for the $100 Amazon gift card. 
4. After the CPI is announced by BLS on January 12 at 8:30am ET, the winning classroom will be notified and will receive a $100 Amazon gift card to use at their discretion (and national bragging rights). 

Good luck!

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Interested in doing more with the intersection of economics and personal finance? Be sure to check out NGPF’s Econ Collection and the Econ Directory for more opportunities to connect your students with the world of economics!

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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. 

About the Authors

Ryan Wood

Ryan grew up with and maintains a love for learning. He graduated from the University of Wisconsin-Green Bay with a degree in Business Administration and worked in sports marketing for a number of years. After living in Texas, Colorado, Tennessee, and Minnesota, the call of education eventually brought Ryan back to his home state of Wisconsin where he was a Business and Marketing teacher for three years. In his free time he likes to spend time with his wife and daughter, play basketball, read, and go fishing. Now with NGPF, Ryan is excited to help teachers lead the most important course their students will ever take.

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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.

More posts by Tim