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Year CPI Inflation Rate 2012 100.0 2013 102.4 .V 2014 105.4 .V Calculate the inflation rate for 2014. Show the formulae used and your workings.

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Year CPI Inflation Rate 2012 100.0 2013 102.4 .V 2014 105.4 .V Calculate the inflation rate for 2014. Show the formulae used and your workings. (1 mark) B. Is this rate within or outside the Reserve Bank of Australia's inflation rate target? Briefly explain your answer. (1 mark) Text Predictions: On 7% Accessibility: Investigate [ Focus

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