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What is the difference between the price level and inflation​ rate?

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Inflation rate is the annual percentage rate of change in the price level as measured, for example, by the CPI, while price level is the measure of the average price of a given quality of goods or services and it is relative to the price of the same goods or services in a base year. Inflation rate is a metric to indicate how much price level is varied (increased) compared to previous financial year.

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