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2. The IMF's World Economic Outlook reports the following price level data (2000 100): Region 2003 2004 2005 United States 106.8 109.7 113.4 Euro area

2. The IMF's World Economic Outlook reports the following price level data (2000 100): Region 2003 2004 2005 United States 106.8 109.7 113.4 Euro area 106.7 109.0 111.4 Japan 98.1 98.1 97.8 a. Which of these regions had the highest rate of inflation before 2004 and which after 2004? b. Describe the path of the price level in Japan

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