Question

Year Consumer Price Index Percentage Increase 2007 207.3 2008 215.3 2009 214.5 2010 218.1 2011 224.9...

Year

Consumer Price Index

Percentage Increase

2007

207.3

2008

215.3

2009

214.5

2010

218.1

2011

224.9

2012

229.6

2013

233.0

2014

236.7

2015

237.0

The following table gives the value of the consumer price index for 2007 through 2015.

  1. What was the inflation rate in 2008? ________________
  2. What was the inflation rate in 2012 ___________________
  3. What was the percentage increase of the average price level from 2007 to 2015?__________
  4. Inflation was highest in__________ and lowest in __________year
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Answer #1

Percentage increase = [(Current year CPI - Previous year CPI) / Previous year CPI] * 100

A) The inflation rate in 2008 = 3.86%.

B) The inflation rate in 2012 = 2.09%.

C) The percentage increase of the average price level from 2007 to 2015 = [(237.0 - 207.3) / 207.3] * 100 = 14.33%.

D) Inflation was highest in 2008 and lowest in 2009.

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