Annual Inflation Rate- Time for Prices to Double-

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Presentation transcript:

Annual Inflation Rate- Time for Prices to Double- Goal #3 LIMIT INFLATION Country and Time- Zimbabwe, 2008 Annual Inflation Rate- 79,600,000,000% Time for Prices to Double- 24.7 hours

What is Inflation? Inflation is rising general level of prices Inflation reduces the “purchasing power” of money Examples: It takes $2.61 to buy what $1 bought in 1982 It takes $8.46 to buy what $1 bought in 1961 When inflation occurs, each dollar of income will buy fewer goods than before.

How is Inflation measured? The government tracks the prices of the same goods and services each year. This “market basket” is made up of about 300 commonly purchased goods The Inflation Rate-% change in prices in 1 year They also compare changes in prices to a given base year (usually 1982) Prices of subsequent years are then expressed as a percentage of the base year Examples: 2017 inflation rate was 2.1% U.S. prices have increased 167% since 1982 (base year). The inflation rate in Bolivia in 1985 was 50,000% This is called Hyperinflation A $25 meal today would cost $12,525 a year later

Historic Inflation Rates