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katrin [286]
3 years ago
11

The annual average CPI for 2016 was 240.5. If the CPI for 2010 was 218.1, then what was the inflation rate for the years 2010-20

16 (%)
Business
1 answer:
aksik [14]3 years ago
8 0

Answer: 9.31%

Explanation:

The Consumer Price Index (CPI) is able to check the price change per year by pricing a fixed basket of goods in different years. It can be used to calculate inflation with the formula;

Inflation rate = (CPI target year - CPI base year / CPI base year) *100

= \frac{240.5-218.1}{218.1} * 100%

=9.31%

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