Asked by Tyasia Dennis on Apr 25, 2024
If the GDP price index rises from 100 to 110 to 115 over three consecutive years,it can be concluded that the inflation rate is decreasing.
GDP Price Index
A measure that examines the average increase in prices for all goods and services produced in an economy, accounting for inflation or deflation.
Inflation Rate
The percentage increase in the general level of prices for goods and services over a specified period.
- Compute and elucidate the inflation rate through the application of the consumer price index (CPI).
Learning Objectives
- Compute and elucidate the inflation rate through the application of the consumer price index (CPI).