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QUESTION
If the CPI was 110 last year and is 116 this year, what is this year's rate of inflation?
If the CPI was 110 last year and is 116 this year, what is this year’s rate of inflation?
Instructions: Round your answer to two decimal places. %
In contrast, suppose that the CPI was 110 last year and is 105 this year. What is this year’s rate of inflation?
Instructions: Round your answer to two decimal places. %
What term do economists use to describe this second outcome? Inflation/deflation
