The rate of inflation is 2.3%
CPI in year x = 108
CPI in year Y = 110.5
Difference in CPI = 110.5 - 108 = 2.5
Rate of inflation = (Difference in CPI/CPI in year X) × 100
= 2.5/108 × 100
= 2.3%
Therefore, the inflation rate is 2.3%
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