The weighting given to food in the construction of the United Kingdom’s Retail Price Index fell from 16.7% in 1987 to 11.8% in 2011.
What would help to explain this?
1 )
The average price of food decreased by 4.9% points between 1987 and 2011.
2 )
The demand for food is price inelastic.
The income elasticity of the demand for food is less than one.
4 )
There was an increase in the relative price of food over the period.
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