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QUESTION
(6) The average Consumer Price Index (CPI) in 2011 was 216.73 and in 2012 it was 220. Calculate the rate of inflation between 2011 and 2012.
The average Consumer Price Index (CPI) in 2011 was 216.73 and in 2012 it was 220.94. Calculate the rate of inflation between 2011 and 2012. Take your calculations to three decimal places, and report your answer as a percent to the nearest tenth. For example, if you calculate inflation to be 5.21%, write 5.2 as your answer. Do not include the % sign.
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