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Statistical analysis

            Mathematical analysis of an economy's financial data assists in the determination and implementation of necessary fiscal policies or practices. Such analysis employs both graphical and numerical descriptive measures to accurately analyze data, and convert it into useful statistical information. Thus, is the purpose of this report to examine data pertaining to the inflation rates of twenty-eight OECD member-nations, in particular comparing the inflation rate of Australia to those of Japan, the United States, and the United Kingdom, and to present this information employing the aforementioned methods of data analysis. .
             Initial analysis of Australia's data indicates the nation's inflation rate has, in general, decreased throughout the subject period. The 1990 measurement (7.28%) was by far the highest, with subsequent years usually remaining below 2%, bar measurements of 4.64% and 2.61% in years 1995 and 1996 respectively. The high 1990 rate of inflation can possibly be attributed to financial fallout from the global recession of 1989. This theory is supported by a comparative analysis of the inflation rates of other OECD nations. Graph (i) shows the progressive inflation rate of Australia compared to the rates of three leading economies - those of the United Kingdom, the United States and Japan. From this, it is seen that Australia's inflation rates seem to mirror these foreign markets. All economies have seen inflation decline throughout the 1990's, with drastic decreases in the early part of the decade as a global economic recovery stabilized world markets.
             Deeper insight into these comparisons can be found by application of various numerical descriptive measures. Table (i) shows statistical information on the inflation rates of all OECD member nations, sorted by mean inflation over the subject period. From this, it is seen that Japan has the lowest average inflation rate of all nations (1.


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