The US record-high gas prices previously occurred in July 2008, when the national average price per gallon was $4.16. This week, US gas prices reached $4.19, a new record high nominal price. In July 2008, the CPI was 219.964 The most current reading of the CPI is 283.716 Use this information to answer the following: 1. What was the rate of inflation from July 2008 to present? 2.  What would the nominal price of gas be today if gas prices rose at the same rate (since July 2008) as the overall inflation rate you calculated in part 1?

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