1. Business
  2. Finance
  3. according to the bureau of labor statistics the consumer price...

Question: according to the bureau of labor statistics the consumer price...

Question details

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?

Solution by an expert tutor
Blurred Solution
This question has been solved
Subscribe to see this solution