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The steps involved in calculating the consumer price index and the inflation rate, in order, are as follows: a. Fix the basket, find the prices, compute the inflation rate, compute the basket's cost, and choose a base year and compute the index. b. Choose a base year, fix the basket, find the prices, compute the inflation rate, compute the basket's cost, and compute the index. c. Fix the basket, find the prices, compute the basket's cost, choose a base year and compute the index, and compute the inflation rate. d. Choose a base year, update the basket, find the prices, estimate the basket's cost, compute the index, and compute the inflation rate.
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