Calculating inflation: Compute ination rates in the following cases. (a) Suppose the consumer price index in the future takes the following val- ues: P2015 = 110, P2016 = 113, P2017; 118 P2013 = 120, P2019 = 125. Viewing these price levels as prevailing at the and of each year, calculate the inflation rate for the years 2016, 2017, 2018, and 2019. (1)) Consider the data on the CPI from Table 3.1. Compute the average annual rate of ination that prevailed between 1930 and 2012. (Hint: This cal- culation is similar to the computation of an average annual growth rate, say for real GDP.) (c) Referring to the same CPI data In part (b), compute the average annual ination rate between 1970 and 1930. What was the rate between 1900 and 2012