To determine: The GDP deflator for each year and inflation rate for all years except 2009.
Concept Introduction:
GDP Deflator: The inflation level of an economy is reflected by the prices of products which are produced in the country within the given time period, this inflation level is measured with the help of GDP deflator.
Formula to calculate GDP deflator is:
Inflation rate: The overall increase in CPI, which is the weighted average of prices of all the goods and services, is known as inflation rate.
Formula to calculate inflation rate is:
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