Answer:
$111.53
Explanation:
CPI is a statistic applied to measure the average cost of a basket of usually-used goods and services in a period relative to some base period.
Consumer Price Index (CPI) = [tex]\frac{Current Period Price of the Basket}{Base Period Price of the Basket} \times100[/tex]
= [tex]\frac{58}{52} \times100 = 111.53[/tex]
Therefore, The value of the CPI in 2016 was $111.53 taking 2014 as base year.
