Inflation and Wage Increases: Analysis and Evaluation

This report analyzes and evaluates the inflation and wage increases of the past 24 months using graphs. It also discusses the reasons why statisticians use a sample when dealing with large data populations and identifies two methods of sample selection. Additionally, it determines fluctuations in business operations.

Inflation and wage
increases

Table of Contents
INTRODUCTION ..........................................................................................................................3
MAIN BODY...................................................................................................................................3
1. Reasons why statisticians uses a sample when dealing with large data population. Identify
and explain two methods of sample selection.............................................................................3
2. Analyse and evaluate the inflation and wage of the past 24 months by using graph..............3
.....................................................................................................................................................4
3. Analyse and determine fluctuations in the business operations.............................................4
CONCLUSION ...............................................................................................................................5
RECOMMENDATION...................................................................................................................5
REFERENCES................................................................................................................................6

INTRODUCTION
In present time where there is a large population in the country and it became very difficult to
manage the informations of the population. So to tackle the situation perfectly Data Skills are
used. Data skill refers to managing the information in the most effective and efficient way so that
the country can utilise it easily. It is very difficult for the country to identify the need and want of
the country's peoples so to identify need and wants of the people many organisation use sample
method to get the information. This can be positive or negative because it is not necessary that all
sample which they take is perfect and accurate. Some questions related to samples and methods
of sampling are discussed below in this report (Alogoskoufis, 2019).
MAIN BODY
1. Reasons why statisticians uses a sample when dealing with large data population. Identify and
explain two methods of sample selection.
In statics Population refers to the number of total number items included in particular
study it can be any person or an object. In large number of population it is very difficult for the
any organisation or entity to cover all the population in their research. So to complete the
research the entity or an organisation adopt sample method to get the result on the right time. The
sample data is less in amount as compare to total population.
There are Two methods of sampling which are as follows-
Random Sampling- It refers to selection of data randomly from the total population
without considering the requirements of the research called random sampling. This sampling
method is also known as probability sampling.
Non Random Sampling- It refers to the selection of data according to the requirements
of the research called non random sampling (Bass, 2019). The data which is included in this
sampling gives more accurate result as compare to random sampling.
2. Analyse and evaluate the inflation and wage of the past 24 months by using graph.
Inflation refers to rise in the price of product over a particular period of time. It is a wider
concept which is also included in macro economic factors of the country. In this case it can be
understandable from the following charts that the inflation in the country is increased by almost
55%. Due to this the cost of the production also get increase in the organisation but the wages of

the consumer is only increase by above 20%. from the figures it is can easily understandable that
the workers and employees are not able to meet their requirements because of the almost double
inflation rate. After seeing this kind of condition it is very important for the organisation to
increase the wages and salaries of their workers so that can meet their basic requirement
(Brenner and Patinkin 2019).
The concept of inflation cannot be irradiated from the economy. It is the part of the
living and has to be bear by every person living in the country. It can be seen that the increase in
the wages have remained low as compared to the increase in the rate of inflation.
3. Analyse and determine fluctuations in the business operations
The cost of business operations is increase over the passing years with the increase the
basic amenities such as food, petrol and so on (Kennedy, Abbott and Bowblis, 2022). It is
analyse that there is a huge changes in the revenue, expenditures and cash amounts of several
firm which influence the variable cost of the firm for a period of time. It is helpful to compare

company's previous data with present data which provide clear view about the positioning and
working abilities. Increase in cost of production would decrease company profit in order to
sustain in the market (Korale, 2019).
Demand of company product is on the boost at the time of Covid -19 because there is a fear of
shortage of groceries among the people so they purchase large amount of essential grocery items.
At the time of pandemic sale volume of Tesco increase by 7%.
CONCLUSION
From the above report it can be states that cost inflation have a negative impact on the
workers or employees of the firm. Sampling is the best aspect in order to gather data from the
large number of people. It is beneficial situation for the companies who pay same amount of
wages to the workers at the time of inflation. It is very important to increase salaries and wages
of employees which increase their trust towards company. Better understanding about Inflation
rates and wages help organisation to operate their functions and also provide competitive
advantages. Covid pandemic increase the sales of the companies who are related to the grocery
and medical equipment.
RECOMMENDATION
It has been analysed that Inflation in the market may increase the prices of essential
products and services. Employee and workers are not able to maintain their expense and they
needs growth in their wages. It is noticed that company generates huge revenues during Covid-
19 but they do not increase the wages of their workers. Companies has to increase their payroll in
order to build trust which is beneficial for the company also because they work with their
maximum capacity.

REFERENCES
Books and Journals
Alogoskoufis, G., 2019. The Greek economy and the Euro. In Contemporary Greece and
Europe. (pp. 131-155). Routledge.
Bass, A., 2019. Do oil shocks matter for inflation rate in Russia: An empirical study of imported
inflation hypothesis. International journal of energy economics and policy. 9(2), p.288.
Brenner, R. and Patinkin, D., 2019. Indexation in Israel. In Inflation Theory and Anti-Inflation
Policy. (pp. 387-416). Routledge.
Kennedy, K.A., Abbott, K.M. and Bowblis, J.R., 2022. The one-two punch of high wages and
empowerment on CNA retention. Journal of Applied Gerontology. 41(2), pp.312-321.
Korale, R.B.M., 2019. Migration for employment in the Middle East: its demographic and
socioeconomic effects on Sri Lanka. In Asian Labor Migration. (pp. 213-234).
Routledge.
Kuznetsova and et.al., 2019, May. Transformational period of Russian development in the digital
economy. In Institute of Scientific Communications Conference (pp. 663-669).
Springer, Cham.
Myles, J., 2019. States, labor markets, and life cycles. In Beyond the marketplace (pp. 271-298).
Routledge.