Suppose country A produces 3 goods only; textbooks, computers and cell-phones. The total production and prices of all goods are given in the following table. Year 2000 is the base year.
Calculate the inflation rate between 2000 and 2002.
Homework Answers
CPI basket value in 2000=200*12+1000*5+600*10=13400
CPI basket value in 2002=400*12+1500*5+800*10=20300
he inflation rate between 2000 and 2002=(20300/13400)-1=51.49%
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