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The following table gives prices in N$ for food (10 units), meat (15 units), fish (10 units), milk (20 units) and fruit (15 units) respectively
The following table gives prices in N$ for food (10 units), meat (15 units), fish (10 units), milk (20 units) and fruit (15 units) respectively for Namibia over the period of ten years. (Use 2004 as the base year).
Year | Food | Meat | Fish | Milk | Fruit |
2001 | N$7.80 | N$2.00 | N$4.50 | N$5.60 | N$1.20 |
2002 | N$8.80 | N$5.00 | N$5.60 | N$5.00 | N$2.34 |
2003 | N$9.10 | N$5.60 | N$5.45 | N$6.00 | N$5.78 |
2004 | N$10.00 | N$5.78 | N$7.89 | N$7.45 | N$9.00 |
2005 | N$5.00 | N$6.70 | N$8.10 | N$8.90 | N$10.00 |
2006 | N$11.00 | N$7.00 | N$9.34 | N$10.99 | N$3.56 |
2007 | N$12.00 | N$7.89 | N$9.89 | N$11.00 | N$2.56 |
2008 | N$13.54 | N$10.00 | N$10.45 | N$11.45 | N$6.70 |
2009 | N$13.90 | N$10.78 | N$11.34 | N$10.56 | N$5.00 |
2010 | N$13.89 | N$11.56 | N$12.00 | N$8.90 | N$7.56 |
(a) Calculate the cost of the basket for all the years. [10 marks] (b) Calculate the consumer price index (CPI) for each year. [10 marks] (c) Calculate inflation for all the years. [10 marks
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