Using the data in the table below, calculate the CPI and the inflation rate in each...

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Using the data in the table below, calculate the CPI and the inflation rate in each year, using 2010 as a base year. Instruct

business economics

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Answer 1

Answer #1

Ans:

Year	Cost of basket ( $)	CPI	Inflation rate
2010	18,000	100	-
2011	21,500	119.4	19.4
2012	22,500	125.0	4.7
2013	26,150	145.3	16.2
2014	28,850	160.3	10.3
2015	32,500	180.6	12.7

Explanation:

CPI = (Current year cost / Base year cost ) * 100

Inflation rate = (( Current year CPI - Previous year CPI ) / Previous year CPI ) * 100

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Answer 2

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