The government has released the latest retail price index which suggests inflation was 1.62%. A typical basket of food at the supermarket this week costs £52.67. Calculate the cost of that typical basket: i) a year ago ii) one month ago (assuming inflation occurs evenly throughout the year
The government has released the latest retail price index which suggests inflation was 1.62%. A typical basket of food at the supermarket this week costs £52.67. Calculate the cost of that typical basket: i) a year ago ii) one month ago (assuming inflation occurs evenly throughout the year
Chapter7: Unemployment And Inflation
Section: Chapter Questions
Problem 3.7P
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c) The government has released the latest retail price index which suggests inflation was
1.62%. A typical basket of food at the supermarket this week costs £52.67. Calculate the
cost of that typical basket:
i) a year ago
ii) one month ago (assuming inflation occurs evenly throughout the year)
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