To calculate the inflation rate for Mythopia from 2011 to 2012, we can use the Consumer Price Index (CPI) values for those years. The formula for calculating the inflation rate is:
\[ \text{Inflation Rate} = \frac{\text{CPI}{\text{year 2}} - \text{CPI}{\text{year 1}}}{\text{CPI}_{\text{year 1}}} \times 100 \]
In this case, year 1 is 2011 and year 2 is 2012.
Given:
- \(\text{CPI}_{2011} = 112.1\)
- \(\text{CPI}_{2012} = 120.8\)
Now, substituting these values into the formula:
\[ \text{Inflation Rate} = \frac{120.8 - 112.1}{112.1} \times 100 \]
Calculating the numerator:
\[ 120.8 - 112.1 = 8.7 \]
Now, substituting back:
\[ \text{Inflation Rate} = \frac{8.7}{112.1} \times 100 \]
Calculating the fraction:
\[ \frac{8.7}{112.1} \approx 0.0777 \]
Now, multiplying by 100 to get the percentage:
\[ 0.0777 \times 100 \approx 7.77% \]
Thus, the inflation rate in Mythopia for the year 2012 is approximately 7.77%.
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