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3 Nov 2021
Introduction
The Consumer Price Index (CPI) calculates the increase in costs for a basket of goods and services across the period.
Edna is living in a retirement home where most of her needs are taken care of, but she has some discretionary spending.
To find: Based on the basket of goods in Table 22.5, by what percentage does Edna’s cost of living increase between time 1 and time 2.
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