AS Paper 2, November 2020The UK Economy – Performance and Policies
AS Paper 2, November 2020, Q1(a)
Define the term ‘inflation’.
Short answerDefine1 mark
Context
In October 2019 the annual rate of inflation in the UK was 1.5%, as measured by the Consumer Prices Index (CPI), and 2.1%, as measured by the Retail Prices Index (RPI).