Chapter 22, Problem 3SCQ

### Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

Chapter
Section

### Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

# Compute the inflation rate for fruit prices from 2001 to 2004.

To determine

The rate of inflation for the price of fruits from 2001 to 2004 is to be calculated.

Explanation

The inflation rate is calculated as percentage change in the price index from year to year.

 Year 2001 2002 2003 2004 Price index $10.70$15.35=69.71 $13.80$15.35=84.61 $15.35$15.35=100 $16.31$15.35= 106.3 Inflation rate -------- (84

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