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Charra [1.4K]
3 years ago
7

The market used to calculate the CPI is 3 units of pork and 4 unit of corn. In 2005, pork cost $20 per pound and corn cost $12 p

er ear. In 2006, pork cost $25 per pound and corn cost $18 per ear. What is the inflation rate for 2006 if the base year is 2005?
Business
1 answer:
Ede4ka [16]3 years ago
7 0

Answer:

<em>The answer will be 136.11 </em>

Explanation:

Because since the cost of the basket in 2005 is = (3x20) + (4 x 12) = 108; And the cost of basket in 2006 is = (3x25) + (4 x 18) = 147

To calculate the CPI,

  • <em>Put a sampling of product prices from a previous year. </em>
  • <em>Then, put the current prices of the same items together. </em>
  • <em>Divide the current total prices by the old prices and then subtract the sum by 100.</em>

The Consumer Price Index (CPI) for 2006 = <em>(147/108) x 100 = 136.11</em>

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