How do I calculate inflation rates?
An example of an AI chatbot conversation about calculating inflation rates.
How do I calculate inflation rates?
To calculate inflation rates, you can use the formula:
Inflation Rate = ((CPI this year - CPI last year) / CPI last year) * 100
Where CPI is the Consumer Price Index.
What is the CPI and how is it determined?
The Consumer Price Index (CPI) measures the average change over time in the prices paid by consumers for goods and services. It's determined by collecting price data for a basket of goods and services.
Can you give me an example of how to calculate it?
Sure! If last year's CPI was 250 and this year's CPI is 260, the inflation rate would be:
Inflation Rate = ((260 - 250) / 250) * 100 = 4%.
What factors can influence inflation rates?
Factors that can influence inflation rates include demand-pull inflation, cost-push inflation, monetary policy, and supply chain disruptions.
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