A consumer has two goods in his consumption bundle: bread and coffee. The current price of bread is $4.00 per loaf and the price of coffee is $8.00 per cup. This consumer currently buys 10 loaves of bread per week and 5 cups of coffee. Suppose that the price of bread increases by 20% and the price of coffee increases by 20% Using this current consumption bundle, calculate the value of the CPI for this consumer. CPI = (enter your response rounded to two decimal places). By how much would a consumer's income need to change (in percentage terms) to compensate for these higher prices? % (enter your response as a percentage rounded to two decimal places).

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