According to the Bank of Canada's website,Canada's Consumer Price Index (CPI)in August 2015 was 127.3,August 2016 was 128.7,August 2017 was 130.5 and August 2018 was 134.2.Given this set of index numbers,what is the percentage change in the average level of prices between August 2015 and August 2018?
A)127.3%
B)134.2%
C)6.9%
D)5.4%
E)5.1%

Question

Quizplus · Accepted Answer

To calculate the percentage change in the average level of prices between August 2015 and August 2018, we use the following formula:

((CPI in 2018 - CPI in 2015)/CPI in 2015) x 100

Plugging in the numbers, we get:

((134.2 - 127.3)/127.3) x 100 = 5.4%

Therefore, the correct answer is D) 5.4%.

According to the Bank of Canada's Website,Canada's Consumer Price Index