Question: according to the bureau of labor statistics the consumer price...
According to the Bureau of Labor Statistics, the Consumer Price Index (CPI) increased by 27.0% between 2004 and 2014. In 2004, a gallon of unleaded gasoline cost $1.58. In 2014, it cost $3.26.
(a) What was the annual inflation rate between 2004 and 2014?
(b) What is the change in the real price of a gallon of gasoline between 2004 and 2014?