Suppose the CPI in the current year is 280 and the CPI index increases to 300 in the following year. If John's nominal income was $80,000 this year and $90,500 next year, we can conclude: John's real income increased and John's nominal income rose slower than the inflation rate John's real income decreased and John's nominal income rose faster than the inflation rate John's real income increased and John's nominal income rose faster than the inflation rate John's real income decreased and John's nominal income rose slower than the inflation rate