Use the CPI values for two periods: current period and previous period
Subtract the previous CPI from the current CPI
Divide the result by the previous CPI
Multiply by 100
Formula: Inflation Rate (%) = ((Current CPI – Previous CPI) / Previous CPI) × 100
If using annual inflation, compare the CPI for the same month in different years
If using monthly inflation, compare the CPI for consecutive months
