QUESTION 2(continue) 2.3 The prices of 1 kg of corn fl…
QUESTION 2(continue) 2.3 The prices of 1 kg of corn flakes was R52,95 in June 2016 and R55,95 in June 2017 2.3.1 The price changes shown above are as a result of inflation. Explain the term inflation from the above context. (3) 2.3.2 Calculate the inflation rate used for the price changes on the cornflakes. Give your answer to the nearest percentage. You may use the formula: Inflation rate =
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