Table 23-4
The country of Caspir produces only cereal and milk. Quantities and prices of these goods for the last several years are shown in the following table. The base year is 2015.

-Refer to Table 23-4. This country's inflation rate from 2016 to 2017 was

Question

Table 23-4
The country of Caspir produces only cereal and milk. Quantities and prices of these goods for the last several years are shown in the following table. The base year is 2015.
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-Refer to Table 23-4. This country's inflation rate from 2016 to 2017 was

Quizplus · Accepted Answer

The inflation rate is calculated using the formula: [(New Price Index - Old Price Index) / Old Price Index] * 100. From 2016 to 2017, the price index increased from 130 to 160. Using the formula: [(160 - 130) / 130] * 100 = 23.1%.

Table 23-4 The Country of Caspir Produces Only Cereal and Milk. Quantities