Question
Consider the following statements regarding the “base
effect” in inflation calculation: 1. Base effect depends on the price level of the corresponding month in the previous year. 2. Very high prices in the previous year may result in lower current inflation readings. 3. Very low prices in the previous year may create a favorable base effect. Which of the statements given above is/are correct?Solution
Base effect refers to the influence of the previous year’s price level on current inflation calculation. If prices were very high last year, current inflation may appear lower due to a favorable base effect. If prices were very low last year, inflation may appear higher, which is called an unfavorable base effect. Hence Statement 3 is incorrect.
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