~a. The inflation rate from 1960
to 1980------------------
%.
(Round to one decimal place as needed.)
b. Based on inflation, a pair of sneakers costing $32
in 1960
would cost $-------------
in 1980
.The Consumer Price Index (CPI) is a measure of inflation obtained by comparing current prices with base prices. The inflation rate is equal to the percent of change in the CPI between the two years. a. Calculate the inflation rate from 1960 to 1980 . b. If a pair of sneakers cost $32 in 1960 , use the inflation rate from part (a) to estimate the cost of the sneakers in 1980 1960=82.3% .1980=170.1