In 2024, the U.S. economy is struggling. Unemployment has jumped. Trouble began in January 2023, with a spike in oil prices, generated by terrorist bombing of important production fields in Saudi Arabia. In January 2024, a second blow hits the economy, when households become much more risk averse, as they panic about corporations' high debt levels. The table below provides an incomplete list of macro data.

1. Assume a standard Phillips curve successfully predicts the CPI: ex-oil. Based upon theinformation given in the tables above, compute the CPI: ex-oil, for Q4:2023 and Q4:2024(show your work) (2 points):