Inflation rates can be computed for overall indexes or for individual items. Compute the inflation rate implied by each of the following pairs of prices. Round to one decimal place. (1) Consumer price index (2) Consumer price index (3) Consumer price index (4) Consumer price index (5) Consumer price index (6) Consumer price index. (7) Consumer price index Item 1940 1950 1960 1970 1980 1990 2000 Year 42.0 72.1 88.7 116.3 246.8 391.4 515.8 Price 1950 1960 1970 1980 1990 2000 2010 Year 72.1 88.7 116.3 246.8 391.4 515.8 653.3 Price (1) Inflation rate= (2) Inflation rate = (3) Inflation rate = (4) Inflation rate = (5) Inflation rate = ae (7) Inflation rate = 1% (6) Inflation rate = 2.8 %