Suppose the CPI has a value of 225.3 exactly one year ago, and the current value of this index is 231.16, a rise of 5.86 points.
What was the rate of inflation over the past year?
1 answer:
Answer:
2.6%
Step-by-step explanation:
Given the current CPI = 231.56
Previous CPI (CPI a year ago) = 225.3
Rate of inflation over the past year = current CPI - previous CPI/previous CPI × 100%
Rate of inflation = 231.56-225.3/225.3 × 100%
5.86/225.3× 100%
= 2.6%
Rate of inflation over the past year will be 2.6%
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