If the CPI in 2011 was 114.7 and the CPI in 2012 was 124.5,then the rate of inflation between 2011 and 2012 was

Name: If the CPI in 2011 was 114.7 and the CPI in 2012 was 124.5,then the rate of inflation between 2011 and 2012 was
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Question

Quizplus · Accepted Answer

The rate of inflation can be calculated by using the formula:

Rate of Inflation = ((CPI in year 2 - CPI in year 1)/CPI in year 1) x 100

Plugging in the values, we get:

((124.5 - 114.7)/114.7) x 100 = 8.5%

Therefore, the rate of inflation between 2011 and 2012 was 8.5%.

If the CPI in 2011 Was 114