Your box of raisin bran cost $1.89 last year. This year it costs $2.25. What is the inflation rate?
(2.25-1.89)/1.89, converted to %.
That would be 19% inflation rate, if the amount of cereal inside stays the same.
Quite often, they also make the box smaller, or leave more empty space inside.
To calculate the inflation rate, we need to find the percentage increase in price from last year to this year.
First, we calculate the price difference by subtracting last year's price from this year's price:
Price difference = $2.25 - $1.89 = $0.36
Next, we calculate the percentage increase by dividing the price difference by last year's price and multiplying by 100:
Percentage increase = ($0.36 / $1.89) * 100 ≈ 19.0%
Therefore, the inflation rate for the box of raisin bran is approximately 19.0%.