January gave us yet another month in which we saw rising inflation compared to the previous year. The Consumer Price Index (known as CPI, a measurement of inflation that uses a representative basket of goods and services) rose 7.5% in January 2022 when compared to January 2021. Like last month, this was the highest CPI increase we've seen since 1982. Energy prices (such as those for oil and gasoline) continued to have the largest impact on the measurement.

With these historic numbers still continuing into 2022, we are back once again with our classroom contest.  The Bureau of Labor Statistics will release February’s CPI results at 8:30 AM EST on March 10. Be sure to follow the directions below for your classroom’s chance at winning a $100 gift card!

Contest details: 

• Have your class research the importance of inflation and the CPI using the resources in the Money and Inflation section of the Econ Collection
• Have your class come up with ONE prediction for the CPI for the 12 month period ending January 2022, rounded to the nearest tenth of a percent (example: 5.1%).
• COMPLETE THIS FORM before 8:30am ET on March 10 to be eligible for the $100 Amazon gift card. 
• Be sure to include details about how you discussed the topic with your students and how they came up with their prediction.
• After the CPI is announced by BLS on March 10 at 8:30am EST, the winning classroom (up to 3 total) 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