Between 2023 and 2024, the weight allocated to the 'food and non-alcoholic beverages' sector in the Consumer Prices Index (CPI) basket fell from 135 to 122.
Which of the following must be true as a result of this change?
Average prices in the food and non-alcoholic beverages sector fell by approximately 9.6%9.6\%9.6% between 2023 and 2024.
Total nominal expenditure on food and non-alcoholic beverages in the economy was lower in 2024 than in 2023.
The proportion of average household consumption expenditure allocated to food and non-alcoholic beverages was lower in 2024 than in 2023.
The food and non-alcoholic beverages sector experienced deflation in 2024, while all other sectors experienced inflation.
327 exam-style questions on AQA A Level Economics 2.3 Economic performance, covering 2.3.1 Economic growth and the economic cycle, 2.3.2 Employment and unemployment, 2.3.3 Inflation and deflation, and 2.3.4 Possible conflicts between macroeconomic policy objectives. Each one has a worked solution and a mark scheme showing where the marks go.