Answer :
The values of the Consumer Price Index (CPI) for the years 2011 to 2015, using 2011 as the base year, are 100, 102.3, 105.5, 107.3, and 115.1, respectively.
The Consumer Price Index (CPI) measures the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.
The base year is used as a reference point to which other years are compared to calculate the CPI.
The formula to calculate the CPI for a given year is:
CPI = (Cost of Market Basket in Given Year / Cost of Market Basket in Base Year) * 100
Using the provided values for the years 2011 to 2015 and considering 2011 as the base year, let's calculate the CPI for each year:
For the year 2011, the CPI is 100.
For the year 2012, the CPI is 102.3.
For the year 2013, the CPI is 105.5.
For the year 2014, the CPI is 107.3.
For the year 2015, the CPI is 115.1.
These calculated CPI values represent the relative price changes compared to the base year of 2011.
For example, a CPI of 102.3 for the year 2012 means that, on average, prices have increased by 2.3% compared to the base year.
The CPI values provide insight into the general trend of price changes over the given years.
A higher CPI indicates a higher level of inflation, meaning that prices are rising, while a lower CPI suggests lower inflation or even deflation, where prices are falling.
It's important to note that the CPI is just one measure of inflation and can vary based on the goods and services included in the market basket, as well as the weights assigned to each item.
The CPI values provided are the result of applying the formula using the given data points and considering 2011 as the base year.
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