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When the U.S. went into partial lockdown and consumers were afraid to leave their homes demand for many products crashed. It is probably not surprising that, as a result, the U.S. experienced deflation between March and April, with the CPI-U declining from 258.115 in March to 256.389 in April, a 0.67% drop.
This was the growth over one month (1/12 of a year) but it is standard practice in economics to annualize rates so they are comparable. Use our growth rate equation from lecture to calculate the annualized rate of inflation between March and April. (Give your answer as a decimal and include a negative if it is negative growth, e.g. a decline at a rate of 5.12% per year would be -0.0512.)
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