Year CPI 2020 158 2021 162 2022 164 Given the Consumer Price Index (CPI) values for the years 2020, 2021, and 2022 as 158, 162, and 164 respectively, what was the inflation rate for the year 2021? 1.56% O2.53% O 2.8% 100
Year CPI 2020 158 2021 162 2022 164 Given the Consumer Price Index (CPI) values for the years 2020, 2021, and 2022 as 158, 162, and 164 respectively, what was the inflation rate for the year 2021? 1.56% O2.53% O 2.8% 100
Chapter1: Making Economics Decisions
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Transcribed Image Text:Year
CPI
2020
158
2021
162
2022
164
Given the Consumer Price Index (CPI) values for the years 2020, 2021, and 2022 as 158, 162, and 164 respectively, what was the inflation rate for the year
2021?
1.56%
O2.53%
O 2.8%
100
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