This candidate uses generalized linear models for her student project. She uses R, which has a GLM built-in function, so the computations are not hard. The Gamma distribution is the proper conditional distribution for inflation rates. If you use other response variables, such as claim frequency or renewal rates, you would choose a Poisson distribution or a binomial distribution.

Other candidates may want to read this student project to see how the analysis is done. You can not use Excel for generalized linear models, but you can use R, SAS, or other software.