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The Australian Bureau of Statistics Regularly Publishes the Average Retail

Question 9

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The Australian Bureau of Statistics regularly publishes the average retail prices of selected items for each Australian capital city. The following table presents the prices of oranges, bananas, potatoes, tomatoes, carrots and onions in Melbourne during the June quarter in 2008 and 2010.  Fruit and vegetable prices ($/k)  Item  June 2008  June 2010  Oranges 2.982.95 Bananas 2.322.37 Potatoes 2.692.44 Tomatoes 3.724.59 Carrots 2.201.95 Onions 2.572.35\begin{array} { | l | c | c | } \hline { \text { Fruit and vegetable prices (\$/k) } } \\\hline \text { Item } & \text { June 2008 } & \text { June 2010 } \\\hline \text { Oranges } & 2.98 & 2.95 \\\hline \text { Bananas } & 2.32 & 2.37 \\\hline \text { Potatoes } & 2.69 & 2.44 \\\hline \text { Tomatoes } & 3.72 & 4.59 \\\hline \text { Carrots } & 2.20 & 1.95 \\\hline \text { Onions } & 2.57 & 2.35 \\\hline\end{array} Construct a simple aggregate index of the prices for the fruit and vegetable group using June 2008 as the base period.

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I2010,2008 = (2.95 + 2.37 + 2.44 + 4.59 + 1.95 + ...

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