Go to the St. Louis Federal Reserve FRED database and find the most recent values, and values from one year earlier, for nominal GDP (GDP) and real GDP (GDPC1).

a) Compute the GDP price deflator for the most recent period and for one year prior to the most recent period. Express your answer relative to 100 in the base year.

b) Using your answer to part (a) above, calculate the year-over-year inflation rate over the last year.

c) Now, calculate the growth rate in real GDP and the growth rate in nominal GDP over the same one-year period.

How do these values relate to your answer in part (b) above?