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If the CPI was 110 last year and is 121 this year, what is this years rate of inflation? In contrast, suppose that the CPI

If the CPI was 110 last year and is 121 this year, what is this year’s rate of inflation? In contrast, suppose that the CPI was 110 last year and is 108 this year. What is this year’s rate of inflation? What term do economists use to describe this second outcome?

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