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What's your understanding about Inflation? Find the inflation rate of two years using the following information: Consumption bundles: Four (04) boxes of Chocolate, Three (03)

What's your understanding about Inflation? Find the inflation rate of two years

using the following information:

Consumption bundles: Four (04) boxes of Chocolate, Three (03) boxes of Ice-

cream. [CO3] [5 Marks]

Year Price of Chocolate

(Dollar per Box)

Price of Ice-cream

(Dollar per Box)

2015 (Base Year) $3.00 $2.50

2016 $3.50 $3.00

2017 $4.00 $3.50

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Principles Of Economics

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