10. Calculating the inflation rate The following table provides the Consumer Price Index (CPI) and GDP Deflator for the United States for selected years. Based on the data provided, complete the following table by calculating the inflation rate between 2011 and 2012 using the Consumer Price Index (CPI) and the GDP deflator. Year Consumer Price Index (CPI) GDP Deflator 2011 224.9 103.3 2012 229.6 105.2 Inflation rate, % True or False: Typically, the inflation rate as measured by the Consumer Price Index (CPI) tends to be higher than the inflation rate as measured by the GDP deflator. True False

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