Neco 2024 Economics Question 26
Practice objective / multiple choice question 26 from the 2024 Neco Economics examination.
The CPI was 120 at the start of 2022, 126 at the start of 2023 and 135 at the start of 2024. A commodity was sold for \(\text{₦}5,000\) at the start of 2022. The seller increased the price by 8% at the start of 2023 and by 10% at the start of 2024. Assuming the CPI reflects the rate of inflation, calculate the percentage by which the commodity's actual price in 2024 exceeds (or falls short of) the price that would have kept pace with inflation. Give your answer to one decimal place.
Answer Options
About This Question
This is Neco 2024 Economics Question 26. It is one of the objective questions from the 2024 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.