Chapter 6, Problem 4.9PA

To determine

To Determine- The annual rate of consumer price inflation.

Concept Introduction

Consumer Price Index(CPI)- It is the weighted average of the price of goods and services rationally included in the consumer basket. It is reflective of the cost of living and the most significant measure of the inflation over a given period of time.

Consumer Price Inflation - It is a persistent rise in the prices of goods and services largely consumed by the households over a given period of time.