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The market basket used to calculate the CPI in Happyland is 4 loaves of bread, 6 litres of milk, 2 shirts, and 2 pairs of

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The market basket used to calculate the CPI in Happyland is 4 loaves of bread, 6 litres of milk, 2 shirts, and 2 pairs of pants. In 2005 the price of bread was $1.00 per loaf, the price of milk was $1.50 per litre, the price of a shirt was $6.00, and the price of a pair of pants was $10.00. In 2006 the price of bread was $1.75 per loaf, the price of milk was $2.25 per litre, the price of a shirt was $7.50, and the price of a pair of pants was $13.00. What was the inflation rate, as measured by the CPI, for Happyland between 2005 and 2006? Select one: O 24.4 percent O 36.67 percent O 30 percent O 20 percent

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