Use the Bureau of Labor Statistics "Consumer Price Index History Table" (https://www.bls.gov/cpi/tables.htm) to answer the following questions. Note: There are many tables that the BLS occasionally rearranges. You need the annual percent changes from 1913. This was table 24, but might change.
- Ford Motor Company produced the first Mustang in 1964 which cost $2,368. What is the equivalent price in current dollars? Show the computation.
- What was the longest sustained period of price deflation since 1913 (7 years including 1 year of zero inflation)? What marcoeconomic event occurred in this period? What was the greatest rate of deflation during that time period?
- During what 3 year period did the US experience the highest level of inflation? What was the highest yearly inflation rate during that period?