The Consumer Price Index in 2018 was 251. In 2019, the CPI rose to 257. Calculate the inflation rate from 2018 to 2019. Round your answer to the nearest tenth of a percent.(1 point)
Responses
2.4%
2.4 percent
102.4%
102.4 percent
6%
6 percent
−2.3%
The formula to calculate inflation rate is:
Inflation Rate = ((CPI in 2019 - CPI in 2018) / CPI in 2018) * 100
Plugging in the values we have:
Inflation Rate = ((257 - 251) / 251) * 100 = (6 / 251) * 100 = 2.4%
Therefore, the inflation rate from 2018 to 2019 is 2.4%.
Correct response: 2.4%