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We can calculate the total inflation rate in an easily understandable manner. The total inflation rate is the total rate of change of the consumer price index (CPI) over a certain given period of time.
What is inflation?
A general increase in the prices of goods and services in an economy can be called Inflation. Whenever the general price level rises, each unit of currency purchases fewer goods and services; simultaneously, inflation accords to a reduction in the purchasing power of money.
The total inflation is calculated using this given formula:
((Target Year – Base Year) ÷ Base Year) x 100
Thus, the Total inflation rate refers to the total rate of change of the consumer price index (CPI) over a certain given period of time.
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