This problem refers to In the News 4.9 , which is from the Web site of the Unite

Question

This problem refers to In the News 4.9, which is from the Web site of the United States Department of Agriculture.

If your total food bill was $290 in November 2012, what was it in November 2013?

N THE NEWS 4.9 f Search Home I TV& Video I U. S. I World I Politics I Entertainment I Tech I Travel Food Price Outlook, 2013-14 USDA's Economic Research Service United States Department of Agriculture he all-items Consumer Price Index (CPI), a measure of economy-wide inflation, fell 0.2 percent from October to November and is 1.2 percent above the November 2012 level. The CPI for all food decreased 0.1 percent from October to November, increased 0.1 percent from September to October, and is now 1.2 percent above the November 2012 level The food-at-home (grocery store food items) C was down 0.3 percent in November and is up 0.6 percent from last November. The food-at-home CPI has fallen slightly throughout 2013 and is down 0.25 percent since January; and The food-away-from-home (restaurant purchases) CPI increased 0.3 Ipercent in November and is up 2.1 percent from last November. ERS revises its food price forecasts if the conditions (such as the feed grain crop outlook or weather-related crop conditions) on which they are based change si nificantly. Despite the severe drought in the Midwest retail food prices were mostly flat in 2012. Prices rose for beef and veal, poultry, fruit, and other foods in 2012; however, prices fell for pork, eggs, vegetables and nonalcoholic beverages. For the remaining food categories, prices were mostly unchanged. The drought affected prices for corn and soybeans as well as other field crops which, in turn, drove up retail food prices in the final quarter of 2012 and the first half of 2013

Explanation / Answer

The information says that the food price of November is 1.2 % more than that of November 2012.

So to find the food bill of Nov 2013 we only need to add 1.2% of the bill of Nov 2012 to the bill of Nov 2012. That is Total bill of Nov 2013 = 290 + 290 * 1.2% = 290 + 290*1.2/100 = 290 + 3.48 = 293.48

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