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if the CPI was 29
if the CPI was 29.1 in 1959 and was 29.6 in 1960, what was the rate of inflation for 1960?
Expert Solution
Computation of the rate of inflation for 1960:-
Inflation rate = (CPI for 1960 - CPI for 1959) / CPI for 1959
= (29.6 - 29.1) / 29.1
= 0.5 / 29.1
= 1.7%
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