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The Consumer Price Index (CPI) is a key measure of inflation, reflecting changes in the prices of a basket of goods and services consumed by households. As of April 2024, the annual inflation rate for the past 12 months stands at 3.4%. To calculate the inflation rate using the CPI series, one compares the CPI value for the current period with that of a base period, typically a year ago, and computes the percentage change.

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