Using the data in Table 2.1, compare the annual inflation rate in March 2024 to the annual inflation rate in March 2021.
Table 2.1: Consumer Price Index (CPI) for New Zealand (Base Year = 2020)
| Date | CPI Value |
|---|---|
| March 2020 | 100.0 |
| March 2021 | 101.5 |
| March 2022 | 105.0 |
| March 2023 | 112.0 |
| March 2024 | 120.40 |