Question

Year Quantity Goods Quantity Services Price Goods Price Services 2010 2000 6200 2 1.5 2011 2200...

Year Quantity Goods Quantity Services Price Goods Price Services
2010 2000 6200 2 1.5
2011 2200 6400 2.11 1.65
2012 2500 6750 2.15 1.65
2013 2505 7100 2.3 1.9
2014 2700 7300 2.35 2
2015 3050 8000 2.5 2
2016 3100 8450 2.65 2.1
2017 3500 8650 2.7 2.15

Calculate the annual average inflation rate of the price of goods.

Calculate the annual average inflation rate of the price of services.

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Answer #1

Inflation rate in year t =

CPI in year t =

Annual average inflation =

Assuming 2010 as the base year,

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