BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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3.3 per cent
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3.7 per cent
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3.9 per cent
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3.5 per cent
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Detailed explanation-1: -The last column, “Ave, ” shows the average inflation rate for each year using CPI data, which was 8.0% in 2022. They are published by the BLS but are rarely discussed in news media, taking a back seat to a calendar year’s actual rate of inflation.
Detailed explanation-2: -To find the CPI in any year, divide the cost of the market basket in year t by the cost of the same market basket in the base year. The CPI in 1984 = $75/$75 x 100 = 100 The CPI is just an index value and it is indexed to 100 in the base year, in this case 1984. So prices have risen by 28% over that 20 year period.
Detailed explanation-3: -In 2022, CPI hit the highest of 7.79% in Apr, and WPI reached 15.88% in May. Compared to inflation in Jan. 2020, CPI is down 1.09%, whereas WPI is up 1.72%.
Detailed explanation-4: -The Chained Consumer Price Index for All Urban Consumers (C-CPI-U) increased 6.6 percent over the last 12 months. For the month, the index increased 0.8 percent on a not seasonally adjusted basis. Please note that the indexes for the past 10 to 12 months are subject to revision.