Neco 2017 Economics Question 50
Practice objective / multiple choice question 50 from the 2017 Neco Economics examination.
The consumer price index (CPI) is calculated using a basket that contains 2 kg of rice, 1 L of oil and 5 loaves of bread. In 2020 the prices were: rice \u20A5 200 per kg, oil \u20A5 500 per litre, bread \u20A5 50 each. In 2021 the prices changed to: rice \u20A5 220 per kg, oil \u20A5 540 per litre, bread \u20A5 55 each. Compute the inflation rate between 2020 and 2021 (to two decimal places).
Answer Options
About This Question
This is Neco 2017 Economics Question 50. It is one of the objective questions from the 2017 Neco Economics examination.
Difficulty level: Medium .
Master the Exam!
You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.