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29 Oct 2021

Introduction

Inflation is defined as an increase in the price level of a country's economic output. It occurs when customers spend more for the same amount of the same item than they did the prior year. In those other words, cash has less purchasing power.

In the UK, given prices of baskets of goods in 4 years is given by,

1=£940, year 2=£970, year 3=£1000, and year 4=£1070

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