Is this project an undergraduate, graduate, or faculty project?
Undergraduate
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What campus are you from?
Daytona Beach
Authors' Class Standing
Ben Chaback - Senior / Accelerated Grad Joe Sauerbrun - Senior / Accelerated Grad
Lead Presenter's Name
Ben Chaback
Faculty Mentor Name
Dr. Jayendra Gokhale
Abstract
We observe fluctuations in the Ben-Joe consumer price index (CPI) for Embry-Riddle Daytona Beach campus students during the COVID-19 pandemic. We created this index by measuring a basket of goods consumed by a typical student on campus. The Ben-Joe index was calculated using the market basket method for ERAU students. These dollar values in the market basket were updated every month. In this study, we compare the Ben-Joe index with the nation’s CPI (Urban). The US witnessed a period of deflation following the announcement of COVID restrictions. This phenomenon was also observed on campus and consequently reflected in the Ben-Joe Index, albeit with a little lag. This deflation on campus was driven largely by a change in the price of the basic meal plan (14 meals a week) but was also slightly offset by increase in housing costs. While meal plans decreased in price due to the cancellation of in-person classes and an evacuation of dormitories, housing prices increased because of enhanced demand created by new policies of the school. The US CPI primarily decreased due to lower energy prices as well as lower energy consumption. While both CPIs saw an overall decrease due to different material goods, the reason both decreased was due to the overall economic inactivity caused by the COVID pandemic.
Did this research project receive funding support from the Office of Undergraduate Research.
No
Ben-Joe Consumer Price Index
We observe fluctuations in the Ben-Joe consumer price index (CPI) for Embry-Riddle Daytona Beach campus students during the COVID-19 pandemic. We created this index by measuring a basket of goods consumed by a typical student on campus. The Ben-Joe index was calculated using the market basket method for ERAU students. These dollar values in the market basket were updated every month. In this study, we compare the Ben-Joe index with the nation’s CPI (Urban). The US witnessed a period of deflation following the announcement of COVID restrictions. This phenomenon was also observed on campus and consequently reflected in the Ben-Joe Index, albeit with a little lag. This deflation on campus was driven largely by a change in the price of the basic meal plan (14 meals a week) but was also slightly offset by increase in housing costs. While meal plans decreased in price due to the cancellation of in-person classes and an evacuation of dormitories, housing prices increased because of enhanced demand created by new policies of the school. The US CPI primarily decreased due to lower energy prices as well as lower energy consumption. While both CPIs saw an overall decrease due to different material goods, the reason both decreased was due to the overall economic inactivity caused by the COVID pandemic.