Attach solution with explanation

COMPUTING CONSUMER PRICE INDEX {CPII The CPI is used to measure the cost of a typical basket of goods. The typical household in the nation of Jacksonia buys 4 loaves of bread, 3 kilos of cream cheese, and 8 books each week. The prices of these goods in years 2015, 2016, and 201?r are given in the table below: YEAR I Price of a loaf of bread Price of a kilo of cream cheese I Price of a book 2015 Ph n 100 Calculate the CPI in 201?, using 2016 as the base year. Calculate the CPI in 2015, using 2016 as the base year. Calculate the rate of inflation between 2015 and 2016. Calculate the rate of inflation between 2016 and 2017. Describe a reason why the inflation rate between 2016 and 2017 might overstate changes in the cost of living. EDP-09'!\" 2018=base year 2019 Quantity Goods & Services (Q) Price (P) PxQ Price (P) PxQ Medical services 5 500 2500 550 2750 Education 30 150 4500 75 2250 Bread 10 50 500 55 550 Total cost of the basket 7500 5550 CPI for 2018 = 100 CPI for 2019 = 74 Inflation rate -26%Consumer Price Index The CPI uses base year quantities rather than current year quantities in calculating the price level index value. The formula for the CPI is given as CPI = base year basket quantities x current year prices x 100 base year basket quantities x base year pricesProblem Exercise Given the following, compute for the inflation rate in 2019. 2018 2019 Goods & Services Quantity (Q) Price (P) Price (P) Medical services 5 consultations P500.00 P550.00 P75.00/ Education 30 units P150.00/unit unit P55.00/ ad 10 loaves P50.00/loaf loaf