The Australian Bureau of Statistics Regularly Publishes the Average Retail

question 1

Essay

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. $$\begin{array} { | l | c | c | } \hline { \text { Fruit and vegetable prices (\$/k) } } \\\hline \text { Item } & \text { June 2008 } & \text { June 2010 } \\\hline \text { Oranges } & 2.98 & 2.95 \\\hline \text { Bananas } & 2.32 & 2.37 \\\hline \text { Potatoes } & 2.69 & 2.44 \\\hline \text { Tomatoes } & 3.72 & 4.59 \\\hline \text { Carrots } & 2.20 & 1.95 \\\hline \text { Onions } & 2.57 & 2.35 \\\hline\end{array}$$ Construct the average of relative price indexes for the fruit and vegetable group for June 2010 (with base June 2008 = 100).

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