If the consumer price index changed from 220 to 235 between January 2010 and January 2011, what was the rate of inflation (in percentage points) during 2010? Enter this rate below (rounded to the first decimal):

Economics Mar 08, 2021

Expert Solution

Computation of Rate of Inflation:

Rate of Inflation = (Consumer Price Index for 2011 - Consumer Price Index for 2010)/Consumer Price Index for 2010

= (235 - 220)/220

= 15/220

Rate of Inflation = 6.82%

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