If the cpi in 2015 was 114.7 and the cpi in 2016 was 124.5, then the rate of inflation between 2015 and 2016 was

a. 7.9%.
b. 8.5%.
c. 9.8%.
d. 14.7%

Option (B) is correct.

Explanation:

Given that,

CPI in 2015 = 114.7

CPI in 2016 = 124.5

The difference in the CPI from 2015 to 2016:

= CPI in 2016 - CPI in 2015

= 124.5 - 114.7

= 9.8

Inflation rate:

= (Difference between CPI ÷ CPI of first year) × 100

= (9.8 ÷ 114.7) × 100

= 8.544%

Hence, the rate of inflation between 2015 and 2016 was 8.5%.

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