Suppose a basket of goods and services has been selected to calculate the cpi and 2012 has been selected as the base year. In 2012, the basket's cost was $77; in 2013, the basket's cost was $82; and in 2014, the basket's cost was $90. The value of the cpi in 2014 was 109.8 and the inflation rate was 16.9%. 116.9 and the inflation rate was 9.8%. 109.8 and the inflation rate was 9.8%. 116.9 and the inflation rate was 16.9%