Answer:
3.1%
Step-by-step explanation:
The percentage change is given by ...
% change = ((new value)/(old value) -1) × 100%
= (224.9/218.1 -1)×100% ≈ (1.03118 -1)×100% ≈ 3.1%
Answer: The annual rate of inflation over that period is 3.1%.
Step-by-step explanation:
Since we have given that
Value of CPI in 2010 = 218.1
Value of CPI in 2011 = 224.9
We need to find the annual rate of inflation over the period.
So, Annual rate of inflation would be
[tex]\dfrac{CPI_{x+1}-CPI_{x}}{CPI_x}\times 100\\\\=\dfrac{224.9-218.1}{218.1}\times 100\\\\=\dfrac{6.8}{218.1}\times 100\\\\=3.1\%[/tex]
Hence, the annual rate of inflation over that period is 3.1%.
