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The annual average CPI for 2016 was 240.5. If the CPI for 2010 was 218.1, then what was the inflation rate for the years 2010-2016 (%)

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Answer: 9.31%

Explanation:

The Consumer Price Index (CPI) is able to check the price change per year by pricing a fixed basket of goods in different years. It can be used to calculate inflation with the formula;

Inflation rate = (CPI target year - CPI base year / CPI base year) *100

= [tex]\frac{240.5-218.1}{218.1} * 100%[/tex]

=9.31%

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