In 2012 the nominal value for household spending on clothing and shoes was equal to $5013m and in 2021 it was $7036m. Using the most appropriate price index from the list below, calculate the percentage change in real household spending on clothing and shoes from 2012 to 2021 and answers the questions below. 2012 2021 CPI (Clothing) 961 1057
In 2012 the nominal value for household spending on clothing and shoes was equal to $5013m and in 2021 it was $7036m. Using the most appropriate price index from the list below, calculate the percentage change in real household spending on clothing and shoes from 2012 to 2021 and answers the questions below.
2012 2021
CPI (Clothing) 961 1057
CPI (All groups) 949 1068
PPI (Outputs - Clothing and textiles) 1031 1171
Import price index (Clothing and textiles) 1436 1306
The index I used in my calculation was the (Select one) (CPI (clothing)/CIP (all groups)/ PPI Outputs - Clothing and textiles) /or Import price index (Clothing and textiles).
The percentage change in nominal household spending on clothing and shoes is equal to _____
The percentage change in real household spending on clothing and shoes is equal to ______
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