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