Macro: Unit 1.6 -- Price Indices and Measuring Inflation

Hey Everyone! I'm Mr. Willis, and You Will Love Economics!
In this video, I will:
Practice using market basket data over consecutive years to calculate the Consumer Price
Index number
Demonstrate how a country can use CPI numbers to measure inflation over time
Practice using GDP data over consecutive years to calculate the GDP Deflator
number
Demonstrate how a country can use GDP Deflator numbers to measure inflation over time
Demonstrate how to calculate the percentage change in nominal wages and profits and
compare those changes to the inflation rate to determine whether real wages and profits
increased or decreased over time
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[@YouWillLoveEconomics]

Thanks for the feedback! My next video is actually going to be on the balance of payments, followed shortly by exchange rates. Be on the lookout for those in the next two weeks.

[@YouWillLoveEconomics]

Be sure to check out my 5.1 - Balance of Payments and 5.2 - Foreign Exchange Market videos available now!

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[@Henry_Bai]

I feel like CPI and GDP Deflator are essentially the same, but why can't I use CPI's equation to get the inflation rate at question 6:17?

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