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 2016 and 2017 using the Consumer Price Index (CPI) and the GDP deflator. Hint: Please round your calculation to two decimal places. Year Consumer Price Index (CPI) GDP Deflator 2016 240.0 106.6 2017 245.1 108.7 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. O True O False

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