On the way into school you hear the following report on the radio: quot;inflation for the month of February was 0. Over the year inflation was 2.

On the way into school you hear the following report on the radio: "inflation for the month of February was 0.4%. Over the year inflation was 2.2%." Which of the following options best explains what these figures mean?

Select one:

a. Inflation in February was much slower than it was in other months from the past year.

b. The prices of household necessities, excluded household luxuries, increased by 2.2%, compared to 12 months ago.

c. The prices of the things a typical urban consumer buys, as estimated by the Bureau of Labor Statistics, increased on average 2.2%, compared to 12 months ago.

d. The government increased prices by 2.2% over the past year in order to keep pace with production costs.