The table below lists the per gallon prices of gas and milk for the
The table below lists the per gallon prices of gas and milk for the months of April, May, and June. Assume that the typical consumer buys 60 gallons of gas and 4 gallons of milk each month, and that April is the base period.
|
Month |
Price of Gas |
Price of Milk |
|
April |
$2.00 |
$3.50 |
|
May |
$3.50 |
$3.25 |
|
June |
$3.85 |
$3.58 |
· Refer to Table 24-9. What is the consumer price index for May?
60
132
166
123
ANSWER: c
Refer to Table 24-9. What is the inflation rate for May?
· 66.4%
60.1%
-4.1%
10%
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