Question 36

If the price index for the year 2008 was 120 and for the year 2009 it is 130. The rate of inflation would be:

Solution

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the rate of inflation=$$\frac{\textrm{difference in price between 2008 and 2009}}{\textrm{price in 2008}} \times 100$$%=$$\frac{10}{120} \times 100$$%=8.3%

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