If the price index increased from 100 in 2021 to 110 in 2022 to 132 in 2023, then the rate of inflation is: (a) 10% (b) 32% (c) 20% (d) Cannot be determined
The rate of inflation is calculated by the percentage change in the price index from 2022 to 2023. {(132-110)/110}*100 = 20%, so the answer given in the options might require reevaluation if there is a misprint.