Consumer price index falls 0.4% in April The CPI in April 2013 was 233 and 0.4% lower than the March. In April, food prices rose 0.2% while energy prices fell 4.3%. Source: USA Today, June 15, 2011 Distinguish between the price level and the inflation rate and explain why the CPI fell by only 0.4 percent when energy fell by 4.3 percent. Question content area bottom Part 1 The _______ is the price level and the _______ is the inflation rate. A. value of the CPI this year minus the value of the CPI in the reference base period; percentage change in the CPI since the reference base period B. CPI; percentage change in the CPI C. CPI; change in the CPI D. percentage change in the CPI; CPI E. change in the CPI; percentage change in the CPI Part 2 Because the CPI fell by only 0.4 percent when energy prices fell 4.3 percent, then _______. A. other prices must have fallen by more than 0.4 percent B. other prices must have risen by more than 0.4 percent C. the composition of the CPI basket must have changed D. people spend more on food than on energy