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Suppose the price of bread increases by 10% from 2021 to 2022. a. Does this mean that the inflation rate is 10% during this period?

Suppose the price of bread increases by 10% from 2021 to 2022.

a. Does this mean that the inflation rate is 10% during this period? Why/why not?

b. Would you be necessarily worse off because of this change? Why/why not?

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