In the Republic of Priceland, in 2009 the consumer price index was 168.00
In the Republic of Priceland, in 2009 the consumer price index was 168.00. In 2010 the index increased to 175.56.
Calculate the rate of inflation in Priceland between 2009 and 2010.
Rate of inflation = _______ percent. (Enter your response as a percentage rounded to two decimal places)
Homework Answers
Solution:-
Rate of inflation is given by
[{current year CPI-last year CPI} /last year CPI] ×100
= [{175.56-168.00}/168.00]×100
= 0.045×100
=4.50%
Therefore, Rate of inflation = 4.50%
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In the Republic of Priceland, in 2009 the consumer price index was 168.00
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