Inflation is a quantitative measure of the rate at which the average price level of a basket of selected goods and services in an economy increases over some period of time.
Using the consumer price index (CPI) the inflation rate formula is:
Inflation rate = CPI year 2 - CPI year 1 / CPI year 1
in this case, the year 1 is our likely base year, 2018, and year 2 is 2019.
Now, we simply plug the amounts into the formula:
Inflation rate = 255.651 - 251.107 / 251.107 = 0.018 or 1.8%
So, the inflation rate from 2018 to 2019 is 1.8%, a rather low number.
Learn more about inflation rate, refer to the link:
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