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For year 2015, price index was 267% with base year 2005. The percentage increase in price
index over base year 2005 is:?
index over base year 2005 is:?
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For year 2015, price index was 267% with base year 2005. The percentag...
Understanding Price Index
The price index is a measure that examines the weighted average of prices in a basket of consumer goods and services, relative to a base year. In this case, the base year is 2005, and the price index in 2015 stands at 267%.
Calculating the Percentage Increase
To find the percentage increase in the price index from the base year (2005) to 2015, we can use the following formula:
Percentage Increase = ((New Value - Old Value) / Old Value) * 100
Here,
- **New Value**: Price index in 2015 = 267%
- **Old Value**: Price index in base year 2005 = 100%
Now, substituting the values into the formula:
Percentage Increase = ((267 - 100) / 100) * 100
This simplifies to:
Percentage Increase = (167 / 100) * 100
Percentage Increase = 167%
Interpreting the Result
This result indicates that the price level has increased by 167% from the base year 2005 to 2015. This means that, on average, prices have more than doubled in comparison to the prices in the base year.
Conclusion
In summary, the percentage increase in the price index from 2005 to 2015 is **167%**, reflecting significant inflationary pressure over the decade. Understanding this metric is crucial for analyzing economic conditions and making informed financial decisions.
The price index is a measure that examines the weighted average of prices in a basket of consumer goods and services, relative to a base year. In this case, the base year is 2005, and the price index in 2015 stands at 267%.
Calculating the Percentage Increase
To find the percentage increase in the price index from the base year (2005) to 2015, we can use the following formula:
Percentage Increase = ((New Value - Old Value) / Old Value) * 100
Here,
- **New Value**: Price index in 2015 = 267%
- **Old Value**: Price index in base year 2005 = 100%
Now, substituting the values into the formula:
Percentage Increase = ((267 - 100) / 100) * 100
This simplifies to:
Percentage Increase = (167 / 100) * 100
Percentage Increase = 167%
Interpreting the Result
This result indicates that the price level has increased by 167% from the base year 2005 to 2015. This means that, on average, prices have more than doubled in comparison to the prices in the base year.
Conclusion
In summary, the percentage increase in the price index from 2005 to 2015 is **167%**, reflecting significant inflationary pressure over the decade. Understanding this metric is crucial for analyzing economic conditions and making informed financial decisions.
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For year 2015, price index was 267% with base year 2005. The percentage increase in price index over base year 2005 is:?
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For year 2015, price index was 267% with base year 2005. The percentage increase in price index over base year 2005 is:? for UPSC 2025 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about For year 2015, price index was 267% with base year 2005. The percentage increase in price index over base year 2005 is:? covers all topics & solutions for UPSC 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for For year 2015, price index was 267% with base year 2005. The percentage increase in price index over base year 2005 is:?.
For year 2015, price index was 267% with base year 2005. The percentage increase in price index over base year 2005 is:? for UPSC 2025 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about For year 2015, price index was 267% with base year 2005. The percentage increase in price index over base year 2005 is:? covers all topics & solutions for UPSC 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for For year 2015, price index was 267% with base year 2005. The percentage increase in price index over base year 2005 is:?.
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