Inflation

Inflation
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  • I am so angry! These prices have gone up so much in the past month!
  • It is due to inflation. All prices have increased by 5%.
  • How do you know that?
  • I used the Consumer Price Index formula to calculate it. 
  • How do you calculate CPI?
  • Here, lets sit down and I can help you understand.
  • To calculate CPI, you have to have a base year market basket and the year you want market basket.
  • The market basket for 2016 was 100. The market basket for 2017 is 105. 
  • You subtract the base year from the year you want and divide it by the base year and multiply it by 100 to get the inflation percent. (105-100)/100 x 100= 5%. 
  • Okay! that makes sense now!
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