Suppose a basket of goods and services has been selected to calculate the consumer price Index (CPI) and 2002 has been selected as the base year. In 2002, the basket's cost was $600; in 2004, the basket's cost was $650; and in 2006, the basket's cost was $700. a Calculate CPI for 2002, 2004, and 2006 Calculate inflation rate from 2002 to 2004