The average annual rate of inflation for consumer goods

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The CPI for 1960 was 29.6 and the CPI for 2015 was 237.

a) What was the average annual rate of inflation for consumer goods between 1960 and 2015?

b) A loaf of bread sold for about 20 cents in 1960. What did a loaf of bread cost then in terms of 2015 dollars?

Reference no: EM131002331

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