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What is happening to the price level

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Suppose the value of the CPI is 1.20 in the year 2013, 1.32 in 2014, and 1.40 in 2015. Assume also that the price of oil increases 8 percent between 2013 and 2014 and another 8 percent between 2014 and 2015. What is happening to the price level, the inflation rate, and the relative price of oil?

Reference no: EM133275380

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