Calculate Inflation Rate from CPI Data

What is the inflation rate from 2018 to 2019 based on the Consumer Price Index (CPI) data?

6%

2.4%

-2.3%

102.4%

Answer:

The inflation rate from 2018 to 2019, calculated using the Consumer Price Index, is approximately 2.4% when rounded to the nearest tenth of a percent.

To calculate the inflation rate from 2018 to 2019 using the Consumer Price Index (CPI), we can use the formula for percentage change. The formula is ((New Value - Old Value) / Old Value) × 100%.

In this case, the New Value is the CPI for 2019 which is 257 and the Old Value is the CPI for 2018 which is 251.

Using the formula, we get the following calculation: ((257 - 251) / 251) × 100% = (6 / 251) × 100% ≈ 2.3904%.

When we round this to the nearest tenth of a percent, the inflation rate from 2018 to 2019 is approximately 2.4%.

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