Assume the average annual cpi values for 2019 and 2020 were 207.3 and 215.3, respectively. what was the percent increase in the cpi between these two years?

A Consumer Price Index (CPI) tracks the monthly variation in the prices paid by consumers in the United States. The CPI is calculated by Bureau of Labor Statistics (BLS) as just a weighted average of prices for just a basket of products and services typical of total U.S. consumer spending.

Some key features regarding Consumer price index are

The widely mentioned CPI is based on an index that covers 93% of a U.S. population, whereas a comparable index that covers wage earners or clerical workers is used to modify federal benefits for cost-of-living adjustments.
The CPI is calculated using approximately 94,000 price quotes received monthly from around 23,000 service and retail companies and 43,000 rental dwelling units.
Housing rentals are being used to estimate changes in shelter costs, which include owner-occupied housing, which accounts for almost one-third of the CPI.

According to the question;

CPI for Year 2019 = 207.3

CPI for Year 2020 = 215.3

Year 2016 (215.3) - Year 2015 (207.3) = 8

If 207.3 is the total 100%

Then,

(8 x 100)/207.3 = 3.859%

Therefore, the percent increase in the CPI between these two years is 3.859%.

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