answer:
To find last year's meat price, we need to subtract the inflation rate from this year's price.
Let's start by finding the inflation amount.
Inflation is the percentage increase in prices over a given period. In this case, we have a 43% inflation rate.
To find the inflation amount, we multiply the inflation rate by the price of meat this year.
Inflation amount = 43% × $5.55/lb = $2.38/lb
Next, we subtract the inflation amount from this year's price to find last year's price.
Last year's price = $5.55/lb - $2.38/lb = $3.17/lb
Therefore, last year's price for meat was $3.17 per pound.