Because there isn't one single measure of inflation, the government and researchers use a variety of methods to get the most balanced picture of how prices fluctuate in the economy. Two of the most commonly used price indexes are the consumer price index (CPI) and the GDP deflator. The GDP deflator for this year is calculated by dividing the

value of all goods and services produced in the economy this year

this year's prices

value of all goods and services produced in the economy this year

the base year's prices

bought by consumers

Explanation:

Please find attached the complete question used in answering this question

Inflation is a persistent rise in general price levels

GDP deflator = (GDP in current year / GDP in base year ) x 100

GDP in current year = value of all goods and services produced in the economy this year  x this year's prices

GDP in base year = value of all goods and services produced in the economy this year  x the base year's prices

The consumers price index measures the average change in prices that consumers pay for a basket of goods and services over a period of time.  

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