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5) Inflation problems : a) Suppose the CPI in January 2019 was 251.712 and in January 2020 it was 257.971. What was the inflation rate

5) Inflation problems:

a) Suppose the CPI in January 2019 was 251.712 and in January 2020 it was 257.971. What was the inflation rate over the year?Show your work.

b) If you earned a wage of $25/hour in January 2012 when the CPI was 226.665, how much would you have to earn in January 2020 to have the same purchasing power as you did in 2012? (January 2020 CPI = 257.971) Show your work.

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