The Consumer price index in 2018 was 251. In 2019, the CPI rose to 257. Calculate the inflation rate from 2018 to 2019. Round to the nearest tenth of a percent.
1) 102.4%
2)2.4%
3)-2.3%
4)6%
I got -2.4% , which is not an option. Can you help
To calculate the inflation rate, you can use the following formula:
Inflation rate = ((CPI in 2019 - CPI in 2018) / CPI in 2018) * 100
Let's apply this formula using the given values:
CPI in 2018 = 251
CPI in 2019 = 257
Inflation rate = ((257 - 251) / 251) * 100
Inflation rate = (6 / 251) * 100
Inflation rate ≈ 2.4%
Therefore, the correct option is 2) 2.4%