Inflation is worse than expected, as cost of goods reached a 40-year high last month—here’s what to know

Inflation was higher than expected in January, as prices for consumer goods rose by 0.6% last month, according to the Labor Department.

Click here to read the story at cnbc.com.

Discussion Questions:

1. What is a product?
2. What is the difference between goods and services?
3. What is pricing?
4. Why is pricing an important component of the marketing mix?
5. What factors influence price?
6. What is inflation?
7. What causes inflation?
8. Based on information from this story, what is CPI?
9. What is supply chain?
10. How have supply chain issues impacted the CPI?
11. According to information from this story, which goods and services category has seen the biggest increase in prices in the last year? Why might that be?
12. Based on what you learned from this article, can consumers expect to see the price of goods and services fall in the near future? Why or why not? As a consumer, why might that be important to know?