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The people on Coral Island buy only juice and cloth. The CPI basket contains the quantities bought in 2019. The average household spent $40 on
The people on Coral Island buy only juice and cloth. The CPI basket contains the quantities bought in 2019. The average household spent $40 on juice and $25 on cloth in 2019 when the price of juice was $2 a bottle and the price of cloth was $5 a yard. In the current year, 2020, juice is $7 a bottle and cloth is $6 a yard. Calculate the CPI and the inflation rate in 2020. The CPI in 2020 is >>> Answer to 1 decimal place
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