Suppose the consumer price index was 140.3 in 2013 and 144.5 in 2014.Therefore, the rate of inflation for 2014 was about:
A)6.7 percent.
B)3.0 percent.
C)1.2 percent.
D)13.6 percent.

Question

Quizplus · Accepted Answer

To calculate the rate of inflation, we use the formula: 
((CPI in year 2 - CPI in year 1) / CPI in year 1) x 100
((144.5 - 140.3) / 140.3) x 100 = 3.0% 
Therefore, the rate of inflation for 2014 was 3.0 percent.

Suppose the Consumer Price Index Was 140