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24-05-2023
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The CPI basket of a country contains 3 hats and 7 cups of tea. Consider the price of a hat sing from 54 in 2020 to $5 in 2021; while the price of a cup of tea increasing from in 2020 to $3 in 2021. Using 2020 as the base year, calculate the inflation rate in 2021.

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