The Price of Lettuce In Brooklyn

The blog is on the podcast “The Price of Lettuce In Brooklyn.” This podcast appeared on the Planet Monkey website on October 22, 2010

 In this podcast it talks about CPI (Consumer Price Index), which is a very important number of a country and this also determines the country’s economic activity. Bureau of Labor Statistics talks more about what this number is and where it comes from which they have figured out. The Planet Monkey meet with George Minichiello, who is one of the hundreds of federal employees that go around the country and record prices of different things.  George talks about how by collecting the prices he will indicate the inflationary process in the economy of the country. He went to his regular spot in Brooklyn to show how he collects process of different things around the store. This influences everything from Social Security checks to prices of school lunches and if you will be getting a raise next year due to the economy. George then sends the data to the Bureau of Labor Statistics which they indicate the CPI number by seen how much a family is spending which is also called a market basket. This then determines what you will be getting or if you are getting too little or too much.

This is shocking to me because I never knew there were economic assistants that go around the U.S and collect data about everything we purchase and what how people are using their money. I never knew what CPI is but I am happy I found out maybe I will start using my money carefully from now on.