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The people on Coral Island buy only juice and cloth. The CPI basket contains the quantities bought in 2013 (the reference base year).

The average household spent $60 on juice and $30 on cloth in 2013 when the price of juice was $2 a bottle and the price of cloth was $5 a yard.

In 2014, juice is $4 a bottle and cloth is $6 a yard.
Calculate the CPI and the inflation rate in 2014.

Thanks!!

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