Use the same table (pasted below for your convenience) to calculate the inflation rate for year 2, using year 1 as the base year. Use the method for the inflation rate based on the personal consumption expenditures index.
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Price year 1 5 5 5
Year 2 6 10 7
Quantity year 1 10 10 10
Year 5 4 16
If someone spent $200,000 on a house in 1955, how much did they spend in 2022 dollars? Hint: Use FRED to find the CPI for May 1955 and for May 2022